Binance Chairman Changpeng Zhao said the exchange plans to expand its operations in the UK over the next six to 18 months, despite the country’s regulator instructing it to stop trading earlier this year.
The UK Financial Conduct Authority (FCA) denied Binance the ability to trade in the UK in June amid widespread anti-cryptocurrency regulations. Binance is one of the largest cryptocurrency exchanges in the world.
To become a UK-registered cryptoasset company, the platform must comply with money laundering and terrorist financing control requirements. To meet these requirements, Zhao noted that the company is considering setting up a specific company to operate in the UK – similar to its subsidiary Binance.US.
Zhao told The Telegraph on Saturday that Binance plans to apply for an FCA license, hiring “a number of former UK regulators” and “several hundred stakeholders” since the FCA’s announcement in June.
In October, the cryptocurrency giant hired a former head of international affairs at the Dubai Financial Services Authority (DFSA) as its chief regulatory affairs officer to help build relationships with international regulators.
Zhao also noted that the platform is “fully working” with regulators and is making “a number of very significant changes” to “the products we offer, our internal processes and the way we deal with regulators.”
On the subject: Binance continues to work on a regulated crypto exchange with new hires.
With FCA approval, Binance may offer products such as futures contracts and derivatives in the UK. Binance announced in September that Australian users will have 90 days to close their pledged futures, options and token positions as regulators continued to intensify competition.
Binance also previously suspended derivatives trading for users in Germany, Italy and the Netherlands as part of a broader plan to end the offering of these products across Europe.
In August, the FCA issued an oversight report that said it “cannot” effectively monitor Binance as it does not respond to questions from headquarters.
The exchange has denied all allegations of market manipulation, but continues to face opposition from a number of jurisdictions, including Germany, Malaysia and South Korea.