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Cryptocurrency Exchange Binance, Cleared by the FCA to Operate in UK

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Binance CEO, Changpenp Zhao 'CZ' celebrates 3M Twitter Followers as Binance Clocks 4.

The financial watchdog in the UK, Financial Conduct Authority (FCA) has cleared the world’s largest cryptocurrency exchange by trading volume, Binance of operating and offering its services within the region stating that the company has met all regulatory requirements.

 

This was disclosed by Chief executive officer of the company, Chagpeng Zhao, popularly known as CZ in a tweet he published via his handle some hours ago declaring that the company has met all the requirements of the regulatory body.

 

Sometime back in June,  the Financial Conduct Authority declared the operation of Binance holdings illegal in the UK and ordered that an immediate halt be put to the company’s activity in the region. Followed by the action by the FCA in the UK saw partners cutting off their relationship with the company. 

 

Read more:DOF Says Earnings from Axie Infinity Games are Subject to Taxation

 

Other countries also followed suit and declared the company’s operation in their region illegal due to regulatory issues. Binance has been in a roller coaster of regulatory troubles but today came with a sigh of relief as the FCA updated their release and cleared the company of going on with its activities in the UK.

 

Binance Taking Steps to Redeem Itself

Since the regulatory issues, Binance has taken different measures to appeal to regulators. Asides the discontinuation of stock tokens and replacement of CZ as CEO, the most recent is the compulsory KYC policy on Binance. 

 

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