The major cryptocurrency exchange Binance will be applying for an FCA license soon, as the firm will be wanting a more stable presence in the nation. The CEO of the company Changpeng Zhao reported with the Sunday Telegraph that his company will be has been working on improving its organizational structures, its offered products, internal processes, and its relationship with regulators. Currently, Binance is in the process of hiring former FCA staff and “a couple of hundred compliance people” that will act as smoothener in all future relationships with the FCA.
The crypto exchange is currently offering services to UK-based clients through its global platform, yet the FCA had flagged the group, reasoning that none of Binance’s branches hold a proper UK regulation and/or license. Moreover, the CA was quoted to have said that the exchange cannot be supervised like other financial institutions, a statement that will undoubtedly make things harder for Binance’s current effort.
Binance operated in a notoriously decentralized and therefore not transparent way, despite it being the largest crypto exchange around. Moreover, over the last year or so the company had been under fire by many global regulators exactly due to its decentralized status, some of which even took legal actions against the company. The damages are not non-reversible, yet it will take some effort fro Binance to make amends.
Currently, Binance is continuing the proverbial fight in regaining its former reputation. The firm has revealed plans for going public, and was reported to expect a massive funding campaign in the future.
