The UK Financial Conduct Authority (FCA), has approved Binance, the largest crypto exchange in terms of trading volume to provide its services again in the UK.
Binance met all requirements and regulatory aspects, according to the FCA.
Changpeng Zhao, Binance CEO, shared the news via Twitter.
"25 August 2021 update. On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements"https://t.co/ryque3nHFb
— CZ 🔶 Binance (@cz_binance) August 25, 2021
This update was a relief as many regulatory authorities started to put restrictions on Binance after the FCA declared that it was non compliant. Nearly a dozen countries issued similar warnings following the FCA’s warning.
Zhao stated in different interviews that the main focus of the exchange will be to remove regulatory hurdles. The exchange has also taken many steps over the last few weeks to improve relations with regulators.
To ensure its products are compliant with regulatory requirements in each country, the crypto exchange took a variety of steps.
Binance imposed mandatory kYC for all new users, binance no more offered derivative and future trading services for its Hong Kong users, binance stopped crypto futures trading services across European countries, daily withdrawal limit for binance unverified accounts was reduced and binance leverage trading limit was also reduced.