Binance is known to be the largest cryptocurrency exchange in the world. However, more features make it stand out among other platforms, apart from just its trading volume.
The Binance exchange was launched in 2017 by CEO Changpeng Zhao, who now plans to expand the crypto exchange to the United Kingdom. This initiative comes as a surprise for many because the authorities instructed the exchange to cease trading in the U.K., earlier this year.
If you want to know is Binance safe and other such details then you should read our detailed review.
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How Can Binance Become a Regulated Exchange in the U.K.?
According to reports, the CEO of Binance exchange plans on expanding to the United Kingdom in the next 6 to 18 months.
In June 2021, there was a regulatory crackdown on the crypto exchanges in the U.K. after which the Financial Conduct Authority (FCA) instructed Binance to cease its trading functions in the country. Despite the stance of the authorities, Changpeng Zhao seems hopeful that Binance will become a regulated exchange in the country.
To become a regulated crypto exchange in Britain, Binance needs to abide by:
- Money laundering controls
- Terrorist financing controls
Zhao has indicated that a U.K.-focused subsidiary will be created (similar to Binance U.S.), in order to fulfill these requirements and become regulated.
A few days ago, the Binance CEO also stated that he planned to apply for an FCA license. Since the notice to cease trading in June, Binance has hired hundreds of compliance people and several ex-regulatory staff in the country.
The exchange has also hired the former head of international relations at the Dubai Financial Services Authority (DFSA) in October. This new hiring has been done for the position of Binance’s chief regulatory liaison officer, which will make it easy to build better relations with international regulatory bodies.
The products and services offered by the exchange will also reportedly change if the FCA license is approved.
Once it is approved, Binance plans on offering futures and derivatives trading to customers in the United Kingdom.
Despite being one of the most prominent crypto exchanges in the world, it has still faced allegations of market manipulation from numerous countries. Due to these complications, Binance had to cease the offering of derivatives trading for its customers in countries such as:
What Should Crypto Traders and Investors Know?
People interested in buying or trading crypto should know that there are numerous exchanges in the market. However, every crypto exchange does not match the criteria of the investors and traders and then there is also the question of security.
Therefore, even though Binance is the largest crypto exchange it is not necessary that it matches your trading requirements and criteria.
This is why, if you are interested in digital assets such as Bitcoin or Ethereum you need to make sure that you choose the best crypto exchange.
On the other hand, if you are interested in buying Bitcoin or Ethereum, you can click on SwissBorg or Kraken (U.S. citizens).
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