The UK Financial Conduct Authority has banned Binance from providing a significant portion of its services. However, the site intends to return to this market.
According to Binance CEO Changpeng Zhao, the exchange plans to obtain a license from the British regulator. This will take 6 to 18 months. Binance is committed to complying with the requirements of the UK anti-money laundering and terrorist financing regulation.
Zhao stressed that the company’s priority is to comply with regulatory requirements. To do this, Binance “made a lot of changes to their products and workflows.” In October, the exchange recruited the former head of the international relations department of the Dubai regulator to its team.
Zhao also said that to speed up the process of obtaining a British license, the company has hired “a number of former UK regulators.” Binance’s compliance department now has over two hundred employees.
Recall that the British regulator banned Binance from providing citizens of the country with access to cryptocurrency futures and derivatives in June this year.
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