Binance, an esteemed crypto exchange that shares a promising hold on a global scale when it comes to crypto trading, was previously ousted by the UK on the grounds that the company failed to follow the legal compliance and regulations required for it to operate within the country. It didn’t have an FCA license, and that is why the UK completely banished Binance from operating within its bounds. It has been a few months since Binance was not welcome in the UK and has lost a varying degree of business from that specific sector. But now, to make amends, the CEO of Binance has revealed that the company is seeking to get an FCA license and will be operating under full regulation within the UK.
There are also talks of how the company has made significant changes to its structure and regulatory framework and also about how many ex regulatory personnel were hired from the UK to help the company be able to enhance its compliance and approach to certain monetary regulations of the United Kingdom. There are also chances that Binance will be developing a whole separate legal entity within the UK as it has previously done for its US subsidiary.
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These efforts that Binance is putting up regarding compliance will help the company to get regulatory approval so it can once again provide its services to the UK clientele. The Financial Conduct Authority license is a must for any crypto exchange or financial entity willing to launch their business in the UK, and because of the fact that Binance didn’t have any the last time, it was banished from the UK altogether. But now, it is working tirelessly in order to achieve every compliance-related regulation that the country demands so it can get its hands on an FCA license and start operating within the country once again.
The license shouldn’t be hard to get if Binance works in the right direction and is able to check off every regulatory requirement which the license requires it to. It is expected that the country will be able to receive its FCA soon enough and will be fully operational once again in the UK.