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Binance.UK has joined the crypto-asset trade association CryptoUK as an Executive Member as it seeks to boost its visibility in the UK market. Binance is said to be the largest crypto exchange in the world. The platform has established multiple local marketplaces designed to adhere to local regulatory requirements.
According to a tweet from August 28 that Binance wrote this crypto exchange decided to market itself at 17 bus stops in London. The image shows two older generations of coins as well as a recent two-pound coin used in the UK, followed by the largest, Bitcoin. “Money is evolving,” the ad states. “It’s time to adapt.”
— Binance (@binance) August 30, 2020
Making the First Crypto Exchange in the UK
Binance announced its expansion into the UK market already in June, with an intended regulated exchange platform scheduled to launch this autumn. The exchange should allegedly be registered by the country’s Financial Conduct Authority and offer at least 65 digital currencies for trading.
However, before the launch itself, Binance’s British subsidiary didn’t restrict itself only to advertising. The crypto exchange not long ago announced it would be joining the self-regulating industry association CryptoUK as an executive member.
Launched in 2018, CryptoUK counts Coinbase, Ripple and CoinShares, among others, as its founding members. The trade association stated it is currently focused on responding to HM Treasury’s current public consultation on the promotion of the cryptocurrencies and its contributing to the UK’s Cryptoasset Task Force’s consultation on stablecoins, expected later this year.
Binance.UK is set to soon launch a regulated crypto trading platform in the country. Binance also recently confirmed buying EddieUK (now Binance Markets Limited), which is a regulated entity by the UK’s Financial Conduct Authority.
The platform has established multiple local marketplaces designed to adhere to local regulatory requirements.
Teana Baker-Taylor, UK Director for Binance stated:
“As a global leader in the digital asset industry, we are committed to working with both our industry peers and policy makers to facilitate discussion and education that foster sustainable policy development in the U.K. to support and promote continued focus on financial services innovation.”
Binance.UK states that it has committed to CryptoUK’s principles and self-regulatory Code of Conduct.
CryptoUK Chair, Ian Taylor, commented on Binance joining his group:
“Since our launch in early 2018, CryptoUK has built meaningful relationships with industry participants, regulators and policymakers. Binance.UK will bring significant local and global expertise to our Executive Committee and initiatives. We look forward to working with them to help develop a supportive regulatory framework for cryptoasset businesses and customers in the U.K.”
Coinbase Exits Blockchain Association as Binance Gets In
Recently, Coinbase exited the blockchain advocacy group the Blockchain Association following the entry of Binance.US. At the time, a Coinbase spokesperson stated that “decisions made now have the potential to irreparably impair the credibility of the association and make it increasingly difficult for it to achieve its goals and those of its members.”
The truth is, London nowadays has become the hotspot for crypto companies which are eager to find new investors, Binance decided to join that move as well. Just for example, Richard Heart’s controversial HEX token has ads spread on London’s buses and newspapers, and was even featured during the English Premier League soccer games.
Mike Novogratz’s Galaxy Digital bought a full-page ad in the UK-based international business newspaper Financial Times, in which Bitcoin (BTC) also appeared prominently.
Starting from January 2020, all companies carrying out specific crypto-related activities in the UK are obliged to comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and register with the FCA.