Binance to be Launched in UK after winning over the Financial Regulators

The Crypto exchange company Binance is once again planning its setup in the UK after winning over the financial regulators who banned it. CEO Changpeng Zhao said in his statement that the company will file for a license at Britain's Financial Conduct Authority to be able to function as a Crypto Asset firm under the time period of six to 18 months. 

He also mentioned that the relation between Binance and FCA has improved since its ban at the London-based affiliate. Before this Binance attempted to apply for an FCA license but withdrew the application due to not being able to comply with the regulator’s money laundering requirements.   

Binance was founded in 2017 and does not have any physical address or head office. The company was set up in China and was registered in the Cayman Islands. Most of the transactions take place digitally and this is the reason why it received multiple warnings from various jurisdictions for not being able to register with local regulators. Other than the UK, it has also received warnings from Canada, Japan, Germany, Thailand, Italy, and the Cayman Islands.