Cryptocurrency exchange Binance satisfied the demands of the British regulator

The FCA said the trading platform has met all the requirements it was given at the end of June
Cryptocurrency exchange Binance satisfied the demands of the British regulator

The world’s largest cryptocurrency exchange by trading volume, Binance, has met all the requirements that were imposed on it in late June, the British financial regulator (FCA) said.

The FCA’s decision pleased Binance CEO Changpeng Zhao. According to him, the exchange is taking it “one step at a time.”On June 25, the British financial regulator warned Binance that it could no longer operate in the United Kingdom. The FCA explained that Binance.com’s service provider, Binance Markets Limited, part of the Binance Group, is not licensed to operate financially in that country.

In 2021, the trading platform faced pressure from global financial regulators. On August 13, it announced that residents of South Korea and Malaysia were no longer able to access some of its products, particularly trading pairs with the Korean Won (KWN) and Malaysian Ringgit (MYR), payment options for the same currencies, and P2P applications. Binance explained the changes in operation by the requirements of local authorities.

In July, Binance warned that it would stop trading cryptocurrency derivatives in Europe. The first countries for which this opportunity was not available were Germany, the Netherlands and Italy. Their residents cannot open new accounts to trade futures or derivatives. The crypto exchange has also been the subject of investigations in Thailand, Singapore and the Cayman Islands.

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