Breaking: Binance Cleared by UK Regulatory Body FCA
Binance, the world’s leading crypto exchange by trading volume has been cleared by the UK’s Financial Conduct Authority (FCA) to offer its services in the country again. FCA declared that Binance has complied with all the regulatory aspects and requirements. The update was added to the previous warning against the crypto exchange.
Binance CEO Changpeng Zhao also shared the news on Twitter quoting the FCA about the exchange’s full compliance.
"25 August 2021 update. On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements"https://t.co/ryque3nHFb— CZ 🔶 Binance (@cz_binance) August 25, 2021
The update comes as a major relief as most of its regulatory trouble started after FCA declared its operations non-compliant. Following FCA’s warning, nearly a dozen other nations also issued similar warnings against the crypto exchange.
Zhao in recent interviews had said that the exchange’s main focus moving forward would be to clear current regulatory hurdles and took several steps in the past couple of weeks to mend its ways with regulators.
Binance Begins Regulatory Overhaul
The crypto exchange has taken a series of measures to ensure its crypto product offerings fall well in line with the regulatory guidelines of the country it is operating in. First, it discontinued its stock tokens as German regulators have issued warnings against the product. Later, it brought down the derivative trading limit from 125x to 21X and later discontinued its crypto derivative offerings across Europe and Hong Kong altogether.
Zhao has also offered to step down as CEO for someone who can help the crypto exchange with its current regulatory woes. The crypto exchange also plans to set up individual headquarters in countries it is currently operating in. It is to be seen whether the UK regulator’s clearance would help the exchange mend its ways in other nations that have issued warnings against it.Source