Binance CEO planning to expand services in the UK

Binance CEO planning to expand services in the UK
Binance CEO planning to expand services in the UK 2

The CEO of Binance exchange said that they are planning to expand their crypto business in the United Kingdom despite regulatory and scrutiny issues.

Binance is a popular crypto exchange in the whole world and also this exchange is famous for its pro-level crypto trading services for its users. This year, this exchange faced huge scrutiny issues in many countries because of its risky services, especially high leverage-based derivative trading. Later, Binance exchange did many changes and also stopped crypto offerings from many countries, to follow the guidelines & order of regulators.

Changpeng Zhao, CEO of Binance Exchange, appeared in an interview with the Telegraph. In the interview, Binance CEO shared his plans for Binance exchange’ services to expand in the UK.

In June of this year, regulators of the UK ordered Binance exchange to stop crypto offerings and Binance exchange did the same. By considering that matter, Zhao explained his systematic plan. 

Zhao said that they are planning to apply for the FCA license in the UK. The aim of applying for a license is to hire “several ex-regulatory staff from the UK” and also hundreds of people to handle the matter of compliance. Binance revealed that they are doing this work since June, after the notice of UK regulatory authorities against Binance to stop services.

Hire high profile officials, Binance’ strategy

In this year, we saw many hiring by the Binance exchange. In most cases, Binance hired those people who have lots of experience in the regulatory department and also past working experience with the identical type of authorities.

In October, To establish better communication and compliance-based relationships, Binance exchange hired the former head of international relations at the Dubai Financial Services Authority (DFSA). Now, the Former head of DFSA is working for Binance as a chief regulatory liaison officer since October to establish better relations with international regulatory bodies.

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