Binance more determined than ever to expand into Europe? The company plans to re-establish itself in the UK within 6 to 18 months. However, its first local branch was met with a wave of mistrust from regulators and the banking industry last summer.
Binance UK rises from the ashes
The sprawling trading platform had begun to tackle Europe, with local branches. But Binance was met with unprecedented aggression when it tried to set foot in the UK. Last June, the Financial Conduct Authority (FCA), the local regulator, simply banned Binance UK from operating in the UK.
As a result, several major British banks began refusing to accept transfers to the international version of Binance. This was the case of Barclays in July, a few days before the British branch of Santander.
All this triggered a wave of mistrust internationally, with Binance coming under fire from several regulators. It’s not just a question of the world’s largest exchange, it’s also a question of the world’s largest exchange.
Binance plans to become registered UK firm despite regulatory setbacks pic.twitter.com/ImIn1rAIdT
– findcuan (@findcuan) December 6, 2021
Binance determined to move into the UK
But as The Telegraph reports, while the UK has been one of the most outspokenly hostile jurisdictions to the exchange, the platform is determined to gain a foothold. To do so, it wants to get the key: a licence from the FCA.
To this end, the company that may become Binance UK has hired compliance specialists and former FCA officials to ensure that it is in order. Changpeng Zhao, the CEO of Binance confirmed this:
We are fully re-engaged. We are making major changes to organisational structures, product offerings, our internal processes and the way we work with regulators.
According to Zhao, Binance will become an FCA-registered entity within six to 18 months. The development of a separate branch is only an option for now, according to Binance’s CEO, as the firm may choose to register in its international version.
In any case, Europe seems to be the new focus for Binance. It seems that the firm has chosen Ireland to establish its headquarters, and it has reported several initiatives to establish itself locally. So the new version of Binance does intend to play with the regulators, rather than against them.
Join Binance to celebrate this December! @cz_binance @BinanceUK pic.twitter.com/a6Cb8Op09H
– pi!Kachu (@Arif_Koduvally) December 6, 2021
