Binance willing to take a “collaborative approach” with UK regulators

Binance, the exchange of bitcoin (BTC) and other cryptocurrencies with the largest market capitalization, assured the UK financial watchdog, known as Financial Conduct Authority (FCA), which will adopt a “collaborative approach” to work based on that country’s legislation.

The company’s statements were expose via Twitter. In there they stressed that they are aware of the policies, rules and laws in the area of cryptoassets.

It is worth remembering that last Sunday, June 26, the FCA banned Binance Markets Limited (BLM) from performing activities with cryptocurrency derivatives trading that require regulation in the country, without their authorization.

Among other things, the regulatory body also communicated that the bitcoin and other cryptocurrency exchange company, has until tomorrow, June 30, to publish on its website that you do not have your permission to carry out regulated activities on British territory.

In this sense, Binance responded that they are aware of the FCA statement and assured that Binance Markets Limited “is a separate legal entity and does not offer any products or services through”.

The exchange founded in 2017, also clarified that Binance Group acquired BML in May 2020 and has not yet launched its business in the UK or used FCA regulatory permits.

In another message, Binance let its customers know, that the notification from the FCA UK does not have a direct impact on the services provided fr “Our relationship with our users has not changed,” he added.

Binance and its power in the bitcoin ecosystem

Binance is a platform that could be seen by some countries as a threat. This is due to the economic power it has, in addition to the tools it offers its clients, for example, trading, buying and selling cryptocurrencies outside of regulated national exchanges (P2P trading) and cryptocurrency derivatives. Added to this is the recent launch of its own marketplace for non-expendable tokens (NFT).

In fact, CriptoNoticias recently revealed that the exchange has more than 20% of the exchanges ‘ total bitcoins in its reserve and far surpasses its closest competitors within the ecosystem.

Binance you have in your reserves more than 570,000 bitcoins, a new all-time high and “much more than any other exchange” I know of, according to a report by Coin Metrics.

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