Despite Regulatory Challenges, Binance Set to Expand to the UK

Binance is often hailed as the biggest and most-popular cryptocurrency exchange in the current industry. Next to Coinbase and Kraken, it makes up the majority of crypto trades that happen on centralized exchanges all around the world.

Being as popular as it is, Binance is no stranger to scrutiny, however. The exchange has faced numerous challenges in the United States, where it had to open a separate branch (Bianance.US) in order to be eligible to even operate within the country.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Blockchain Transaction Easily Explained! (Animated)

SUBSCRIBE

ON YOUTUBE

Within the UK, regulators have barred Binance from offering futures and options trading, as well as leveraged trading options for crypto tokens. As time went on, the regulatory strictness of the country would only increase, and Binance would be at the receiving end of the crackdown.

Part of the reason why Binance was impacted as much as it was has to do with the exchange not being able to confirm the location of its headquarters. The way that this was solved in the US was with the help of the aforementioned subsidiary company.

Mr. Zhao claims that this is also one of the solutions considered as applicable in the case of the United Kingdom, as well. Initially, the FCA revoked the exchange’s ability to offer the residents of the country the ability to participate in cryptocurrency trades. This was done due to the fact that Binance seemed to have issues with full KYC and AML compliance, as it relates to UK-specific laws and regulations.

The CEO of Binance notes that now, the company has employed an array of different compliance-savvy individuals, and thus, plans to apply for the license, once again. This would be done following the establishment of the UK subsidiary company.

It’s important to note that Binance has denied any and all market manipulation allegations. This denial is further-echoed by the fact that the exchange is often considered as one of the safest and most reliable places to trade crypto - it makes a point to follow general KYC and AML regulations, and requires all customers to identify themselves before any trading can take place.

Nonetheless, the cryptocurrency exchange platform still faces regulatory compliance issues from countries such as the US, UK, Germany, South Korea, and others. Each of these cases is unique, however, and Binance makes a point to reiterate how they are dedicated to keeping their users safe, and providing a trustworthy and reliable crypto trading platform for all.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Full Bio

All Expert Contributors & Analysts