The UK Financial Conduct Authority last week ruled that the crypto platform cannot conduct any “regulated activity” in the UK
Binance, the crypto exchange banned by the UK financial watchdog last month, is looking to recruit a former UK regulator or senior civil servant to help smooth its way in Britain.
The world’s largest crypto exchange wants to find a respected former regulator in the mould of the man who was brought in to run the US arm of the platform, according to a report on CoinDesk.
Binance wants to hire “a UK version of Brian Brooks,” a source told the crypto site, with the Brooks having previously run the US Office of the Comptroller of the Currency (OCC) before taking over Binance.US three months ago.
The Cayman Islands-based company is making this move after the Financial Conduct Authority last Monday ruled that the firm cannot conduct any “regulated activity” in the UK.
The FCA also issued a warning about the Binance.com website and adverts promising high returns on crypto-based investments.
In a blog post today, Binance chief executive Changpeng ‘CZ’ Zhao said: “Binance has grown very quickly and we haven’t always got everything exactly right, but we are learning and improving every day.
“We hope to clarify and reiterate our commitment to partner with regulators, and that we are pro-actively hiring more talent, putting in place more systems and processes to protect our users.”
As well as Brooks, CZ said the company has appointed the former executive secretary of the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog; the former head of the Canadian delegation to the FATF; and the former US Senator for Montana and US Ambassador to China, “to provide high-level guidance”.
He said these “are the first of many high-profile additions to our team. We plan to double our team size by the end of the year, with qualified and experienced advisors to support.”