Binance Repositions to Curry Favor from UK Regulatory Authorities After Ban

Updated:

Binance CEO Changpeng Zhao (CZ) has shown that the world’s largest cryptocurrency exchange is actively trying to rebuild its UK division, following a clampdown on its operations by the Financial Conduct Authority (FCA) in June 2021.

Like Binance.US, Binance’s London division Binance Markets Limited aimed at becoming a separate entity to serve the UK market. Unfortunately, the FCA stood in the way of this ambition, following the clampdown. Nonetheless, UK customers have found a way to access services through the Binance.com domain, despite the prevailing ban on the exchange due to the regulatory crackdown.

CZ recently noted that the company’s relations with the FCA had improved significantly since then and that they were currently in dialogue. The CEO revealed that the company had hired several compliance officers (including former FCA employees) to help it curry favor in the eyes of the FCA and secure licensing.

One of the fundamental issues the UK watchdog had with the company was the level of opacity around its domicile and corporate structure. Now, Binance has begun erecting offices around the world—including one in the UK—and is setting up legal entities. The crypto exchange believes that it should be up and running in the UK within the next six months to a year, focusing on anti-money laundering and anti-terrorism financing compliance. The company also hopes to offer futures and derivatives trading in the UK.

Key Binance Coin Levels to Watch — December 6

After maintaining a steady ascent along the ten-week-long ascending trendline, Binance Coin (BNB) suffered its first sustained break below this line on December 4 amid a marketwide crash. That said, BNB appears to have regained stability at the $540 support as the bearish momentum resumed on Monday.

BNBUSD – 4-Hour Chart on BinanceUS. Source: TradingView

Along with most of the crypto market, the third-largest cryptocurrency could suffer a bearish continuation to its flash crash low at $495 over the coming days. However, this bias will get invalidated once the price resurfaces above the trendline again, a 10% bullish move.

Meanwhile, my resistance levels are $560, $580, and $600, and my support levels are $540, $520, and $500.

Total Market Capitalization: $2.22 trillion

Binance Coin Market Capitalization: $92.4 billion

Binance Coin Dominance: 4.15%

Market Rank: #3

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.