Binance, the world’s largest crypto exchange by trading volumes has seen a major snub by global regulators in 2021. It all started with U.K’s Financial Conduct Authority (FCA) issuing the first ban on Binance operations in the country.
In an interview with The Telegraph, Binance CEO Changeoeng Zhao said that the exchange is now working to build back its U.K business. The executive further added that Binance will now aspire to become a registered crypto firm in the U.K over the new six to eighteen months.
Earlier in June 2021, the Financial Conduct Authority announced its crackdown on Binance asking it to make it clear on the website that the company doesn’t hold any official permission to operate in the U.K. Speaking to the publication, Zhao said that it has hired a couple of hundred employees to look after legal and compliance matters in the country. The Binance executive added:
“We’re fully re-engaged there. We’re making a number of very substantial changes in organizati
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