Cryptocurrency exchange Binance satisfies UK regulator’s demands

August 27, 2021

Cryptocurrency exchange Binance satisfies UK regulator's demands

The FCA said the trading platform had complied with all the requirements that were imposed on it at the end of June.

The world's largest cryptocurrency exchange by trading volume, Binance, has met all the requirements that were imposed on it at the end of June, the UK financial regulator (FCA) said.

Positive progress. One small step at a time.

The FCA's decision pleased Binance CEO Changpeng Zhao. According to him, the exchange is taking it "one step at a time".

On 25 June, the UK financial regulator warned Binance that it could no longer operate in the UK. The FCA explained that's service provider, Binance Markets Limited, part of the Binance Group, is not licensed to operate financially in that country.

The trading platform faced pressure from global financial regulators in 2021. On 13 August, 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 attributed the changes in operations to the requirements of local authorities.

Binance doesn't offer fee-free trading. However, its fees are low compared with even the best crypto exchanges that charge fees and commission.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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