Binance Adds Staff in UK, Seeks FCA Regulatory Approval

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Binance Readies UK Changes

As the world’s premier cryptocurrency exchange embarks on its worldwide charm offensive, an organizational presence will be established in the United Kingdom, Binance Chief Changpeng Zhao has confirmed.

One avenue outlined for achieving this is the construction of a U.K. company, similar to that of Binance.US. This would likely come in response to allaying FCA’s fears of Binance not having enough transparency back in June.

Changpeng Zhao seemed to nod at this as he explained to in an interview with The Telegraph that there were plans in place to open an office in the United Kingdom to be led by ex-regulatory staff from the UK and a few hundred compliance figures, he continued:

“We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes and the way we work with regulators,” Zhao said. “We want to continue to establish a presence in the U.K. and serve U.K. users in a fully licensed and fully compliant manner.” Binance CEO Changpeng Zhao revealed to The Telegraph on December 4th.

CZ was quick to reiterate that relations with financial authorities had markedly improved since the initial ban in June, and the assumption is that they will continue to do so with the aforementioned plans already in place. 

The news would appear to be positive for the general market as crypto appears to be gaining the nod of approval by various financial legislative bodies throughout the world.

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