Crypto exchange Binance set to launch UK arm

Posted: 7 January 2021 5:58 pm
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Popular exchange is gaining social media followers for Binance UK brand.

One of the world’s most popular cryptocurrency exchanges is set to launch a UK arm.

Binance has expanded rapidly around the globe since is was founded in China in 2017, just before the cryptocurrency boom of late 2017.

In 2020, it revealed plans for Binance UK, which has yet to launch, but already has nearly 3,000 followers on Twitter.

The UK financial watchdog, the Financial Conduct Authority (FCA), last year took on responsibilities for supervising aspects of businesses offering cryptocurrency in the UK, under rules tackling money-laundering and the financing of terrorism.

Companies operating in the UK were given a deadline to apply to register with the FCA by mid-December, under the new rules.

Any company not on the FCA’s register or temporary register must return crypto assets to customers and stop trading by 10 January, 2021.

To be able to offer cryptocurrency in the UK, the new arm of Binance will have to join the register first, as will any other new cryptocurrency providers operating in the UK.

Some companies are on a temporary register until 9 July, 2021, while the FCA carries out assessments.

Warning: Binance offers cryptocurrency derivatives which the regulator banned from sale to UK consumers in January 2021.

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