After the country regulators told the company to halt operations earlier this year, the company s chief executive officer told the Sunday Telegraph that Binance is working to build its U.K. business.
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CEO Changpeng Zhao told the newspaper that Binance aims to become a registered criptocurrency firm in the country in six to 18 months. If the world's biggest criptocurrency exchange can surpass British anti-money laundering standards, it will allow the world's biggest criptocurrency exchange to offer a wider range of products.
The U.K. Financial Conduct Authority on Binance rebukes the British entity in June amid a crackdown on the criptocurrency industry. The financial watchdog ordered Binance to remove advertising and make it clear on its website that the company isn't allowed to operate in the U.K.
The paper said that Binance hired a couple of hundred compliance employees to staff an office in the country.
With approval from the regulators, Binance could offer products such as futures and derivatives in the U.K. Zhao said.
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