Share this article
Binance Hires in UK, Plans to Seek FCA Approval for Launch: Report
“We want to continue to establish a presence in the U.K. and serve U.K. users in a fully licensed and fully compliant manner.”
Updated May 11, 2023, 7:03 p.m. Published Dec 6, 2021, 10:46 a.m.
Just months after the U.K.’s Financial Conduct Authority (FCA) said Binance should not be operating in the country, the world’s largest crypto exchange said it has hired staff and plans to file for regulatory approval. CEO Changpeng “CZ” Zhao told the Sunday Telegraph that relations have improved since its ban in June.
- “We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes and the way we work with regulators,” Zhao said. “We want to continue to establish a presence in the U.K. and serve U.K. users in a fully licensed and fully compliant manner.”
- One option is to set up a U.K. company similar to Binance.US. This could address FCA concerns pertaining to Binance’s opaque structure, such as not having an established headquarters to which concerns can be addressed.
- The FCA said in June that no entity in the Binance group “holds any form of U.K. authorization, registration or license to conduct regulated activity in the U.K,” adding that the exchange was “not capable of being effectively supervised.”
- The notice was one of the first of several warnings from similar bodies around the world, which prompted Binance to take a more proactive strategy on regulatory matters.
- Zhao told the Sunday Telegraph that Binance has since set up an office in Britain, manned by a “number of ex-regulatory staff from the U.K. and a couple of hundred compliance people.”
Advertisement
Read more: Binance US to Close Pre-IPO Funding in 1-2 Months
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
Top Stories
