Today the UK Financial Conduct Authority (FCA) published an update on its website regarding Binance Markets Limited.
The FCA has reach an agreement with the world’s largest cryptocurrency exchange. Binance is currently the largest exchange in the world in terms of daily trading volume. It supports most commonly traded cryptocurrencies. Binance provides a crypto wallet for traders to store their electronic funds and has its own blockchain-based token, Binance Coin (BNB).
Financial Conduct Authority (FCA) took almost two months to resolve all impositions placed on Binance.
Positive progress. One small step at a time.
Slowly, but surely. #BNB.
— CZ 🔶 BNB (@cz_binance) August 25, 2021
Back in June, the FCA imposed restrictions on the exchange, writing Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group). Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.
This was welcomed news to the cryptocurrency exchange. Soon after this news broke, Changpeng Zhao, Binance’s CEO tweeted, “Positive progress. One small step at a time. Slowly, but surely.”
