Binance to conquer UK after its success in UAE
Following the same strategy that Binance carried out in the UAE, the company is now setting to conquer UK and get regulated there. When Binance hired former UAE ADGM ( Abu Dhabi Global Market) Richard Teng, it was the first step in the hundred miles for receiving the license in UAE. The same is happening in the UK. Binance has appointed Steven McWhirter, previously a top official from the UK’s Financial Conduct Authority (FCA) as its global director of regulatory policy.
CEO Changpeng “CZ” Zhao told the Sunday Telegraph that relations have improved since its ban in June. As he stated in interview ” We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes and the way we work with regulators. 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. One option is to set up a U.K. company similar to Binance.US. This could address FCA concerns pertaining to Binance’s opaque structure, such as not having an established headquarters to which concerns can be addressed.”
The FCA said in June 2021 that no entity in the Binance group “holds any form of U.K. authorization, registration or license to conduct regulated activity in the U.K,” adding that the exchange was “not capable of being effectively supervised.”
