Binance continues to target the UK, despite opposition from local regulators
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Is Binance more determined than ever to be headquartered in Europe?
Binance continues to target the UK, despite opposition from local regulators. Is Binance more determined than ever to be headquartered in Europe?
Binance plans to open its first UK branch within 6 to 18 months. However, last summer, the first local branch was met with a wave of protests from regulators and the banking industry. In other words, Binance has not received the trust of the UK regulatory system.
Major cryptocurrency trading platforms have begun to hit Europe. Start by opening branches in many localities. But Binance was met with a lot of backlash at him. In June last year, the Financial Conduct Authority (FCA), the local regulator, banned Binance UK from operating in the UK.
Since then, some central UK banks have also started to refuse to support the deposit and withdrawal of Binance accounts. For example, international bank Barclays or Stander in the UK.
All of this has raised doubts about Binance in the international market. This has led Binance to rethink how it operates.
Binance is determined to open a branch in the UK.
According to The Telegraph, despite strong opposition in the UK, Binance is still determined to set up a branch in this country. To achieve this, Binance must have a license issued by the FCA.
Binance UK has hired FCA senior consultants to ensure the process goes smoothly. Changpeng Zhao, CEO of Binance confirmed: “We have wholly re-entered the UK market. We are making significant changes in the organizational structure. Also, offer more products. Set out internal processes and how to work with regulators. “
According to Zhao, Binance will achieve FCA certification within 6 to 18 months. The CEO of Binance chose to develop a separate branch and register as an international company.
Europe still looks like the new attraction for Binance. According to close sources, Binance has chosen Ireland to establish its headquarters. And now the company is in the process of building a reputation at the local level. And Binance chooses to develop close relationships with local regulators.
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