Cryptocurrency exchange Binance wants to relaunch services in the UK in 6 to 18 months, the exchange's head Changpeng Zhao told The Telegraph. According to the Binance CEO, the company plans to apply for an Financial Conduct Authority (FCA) license.
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"We are fully re-engaged there. We are making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators," Zhao said without clarifying that organizational structures have been made.
Zhao admitted there is an option the exchange would be to set up a separate company, similar to a US exchange it created a few years ago. Binance's plans to revive in the UK come after Zhao complained about UK's aggressive approach towards the exchange. He said the FCA's warning was "very damaging" to the exchange.
Earlier this year, Binance drew scrutiny from regulators around the world after the UK's Financial Conduct Authority said the exchange offers its services without a license. Other watchdogs of Hong Kong, Poland, Malta, Italy, Cayman Islands, and Singapore also issued warnings against the exchange and affiliated companies over its business.
In August this year, the FCA noted that Binance complied with all aspects of the requirements imposed on it. However, the exchange is still not permitted to undertake any regulated activity in the UK.
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