If you remember, Binance was asked to halt its operations in the UK by the authorities. There were a lot of regulatory challenges the company was facing and hence the action. But now Binance is all ready and plans to resume UK operations by getting registered in the country. Yes, they are not doing it right away but hope to start their operations in the next 6-18 months. Do note that it will only be possible if they register and get approved as a UK firm.
Binance’s plans in the UK
The UK has one of the strictest regulatory policies and just banned Binance from operating in the country back in June 2021. Despite the setback, Binance’s CEO is optimistic that they will resume operations in the country. Considering they are the largest crypto exchange globally, it is safe to assume that they can turn things around. Do note that Binance plans to do everything properly from here on and follow the regulations.
The UK authorities will let Binance operate there only if it abides by the money laundering and terrorism control laws. To make this possible, Binance is not extending operations there but building a completely separate entity in the country. The company will meet these requirements and therefore start its operation again.
Binance has hired a lot of ex-regulatory staff to understand the landscape better. The company has also planned to get the FCA license as soon as possible. They are working in full coordination with the regulators and making a lot of changes to their product offerings and the way things are done internally.
The good part
Once Binance gets approved in the UK, it will be possible for the users to have a lot more exposure to crypto. At the same time, they might also get back future trading options on Binance. As of now, future trading on Binance is banned in the UK and a lot of other nations. The exchange has also given users a set time to close any existing open positions. I am also assuming that after resuming operations in the UK, they will do the same in other nations as well.
What are your thoughts as Binance plans to resume UK operations? And do you think that they will be able to obtain the FCA license? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: SEC Chairman says the crypto market is open to manipulation.
