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Binance plans to become registered UK firm despite regulatory setbacks
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Binance CEO Changpeng Zhao said the exchange is planning to expand to the U.K. in the next six to 18 months, despite being instructed by the country’s regulator to cease trading earlier this year.
The U.K.’s Financial Conduct Authority (FCA) revoked Binance’s ability to trade in Britain in June, amid a sweeping regulatory crackdown on crypto exchanges. Binance is one of the world’s largest crypto exchanges.
To become a registered crypto asset firm in the U.K., the platform must abide by money laundering and terrorist financing controls. To meet these requirements, Zhao indicated the company was considering setting up a specific company to run in the U.K. — similar to its Binance.US subsidiary.
Zhao told the Telegraph on Dec. 4 that Binance
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