Binance CEO Changpeng Zhao has announced that his company is planning to expand their services in the UK.
The CEO of Binance, Changpeng “CZ” Zhao has announced that he plans on expanding the company’s operations in the United Kingdom. This announcement comes after a recent series of regulatory changes in the country which have led to stricter rules for cryptocurrency exchanges.
Binance is one of the most popular cryptocurrency exchanges in the world. It provides traders with easy access to a wide variety of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and many more. Binance is also very user-friendly and provides a safe platform for cryptocurrency trading.
Zhao recently spoke with the Telegraph and shared his plans to expand Binance’s services in the UK and abroad. Zhao said that he wants to be a “super-trader” and is willing to work with regulators worldwide.
The Financial Conduct Authority (FCA) of the United Kingdom has recently ordered cryptocurrency exchange Binance to stop offering new crypto trading services and stop operating as a crypto exchange. This is due to the lack of information from Binance on how it would cope with the FCA’s planned regulations for the cryptocurrency market.
After this, Zhao said that they want to seek for the FCA license in the United Kingdom shortly. “Several ex-regulatory professionals from the UK” and “hundreds of individuals to handle the topic of compliance” are the primary goals of the application for a license.
Regulators are squeezing Binance
Binance has been under pressure from regulators for quite some time. In order to avoid being shut down, Binance has been working on improving its compliance procedures and fighting off lawsuits from individuals and companies.
The SEC is investigating whether Binance has violated anti-fraud provisions by not disclosing its relationship with three digital asset trading platforms. The company is also under investigation for possibly violating anti-money laundering laws.