Giant Regulation Step in the UK from Binance

Binance, which has been under investigation in many countries from Thailand to Malta, from Singapore to UK, continues to give signs that it will abide by the regulation with determination. It was stated that the stock market is now planning to appoint an important and experienced person in this field to head the company, especially in England, one of the countries where it suffers the most.

Binance, which has started to be investigated by many countries about regulations around the world, is preparing to take a big step in the UK to follow a more harmonious policy on regulations. It is stated that the exchange is about to acquire a former government employee or a regulator for the UK region.

The exchange wants to make this person the chief executive of Binance UK, the UK region. Binance.US, the US arm of Binance, also made Brian Brooks, who left the US Currency Supervisory Office (OCC) chairmanship in April, the company CEO. Binance.US has also appointed Manuel Alvarez, a past commissioner in the Department of Financial Protection and Innovation (DFPI), as chief executive officer.

In the statement made yesterday, Jonathan Farnell, who was transferred from eToro, was appointed as the general manager of the stock market in charge of compliance. Farnell had also served as a regulatory manager in many companies. In fact, looking at his Linkedin profile, Farnell has been in this position for 3 months. It is stated that the exchange made the official announcement yesterday due to the internal procedure.

Regulation blows came to Binance from the UK in a row

As it will be remembered, last month the UK regulator, the Financial Conduct Authority (FCA), announced that Binance would not be allowed to carry out any activities in the country. Earlier this week, the UK’s giant bank Barclays announced that it is preventing its customers from using debit and credit cards to pay Binance.

Netwest, another British bank, also stated last week that it is restricting the amount that will be sent to cryptocurrency exchanges.

“We are not against regulations,” CZ said

The founder and CEO of the exchange, Changpeng Zhao, also stated in a statement on the official website that they do not have any intention of opposing the regulations, and stated that this is much safer for both exchanges and users.

SEE ALSO; What is Regulation? The Importance of Regulations in Forex

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