Crypto exchange Binance working to build U.K. arm after FCA rebuke

Asian Tech Press (Dec 6) -- Binance, the world's largest cryptocurrency exchange, has reportedly said it is working to build its U.K. business after the country's regulator asked the exchange to cease operations earlier this year.

Bloomberg reported that Binance CEO Changpeng Zhao told the Sunday Telegraph newspaper that the company aims to become a registered crypto asset company in the U.K. in six to 18 months.

The move would allow the world's largest cryptocurrency exchange to offer a wider variety of products, provided it can overcome U.K. anti-money laundering standards that have hindered the industry's growth.

In June, Britain's Financial Conduct Authority (FCA) issued a stern reprimand to Binance's U.K. entity. And the FCA ordered the exchange to remove its ads and made it clear on its website that the company was not allowed to operate in the U.K.

Zhao said that since then, Binance has hired hundreds of compliance employees to set up offices in the country.

Once the regulator approves it, Binance will be able to offer products such as futures and derivatives in the U.K., Zhao said.

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