Ripple and Binance are seeking UK regulatory approval, lawmakers say. Representatives of Ripple and Binance have told UK lawmakers that the two companies want to be licensed in the country. The FCA has previously criticized Binance’s operations. Ripple and Binance have applied to be authorized by the Financial Conduct Authority, UK regulators announced on Monday.
Binance, the world’s largest crypto exchange by trading volume, is currently in discussions with regulators, Binance Vice President for EMEA Government Affairs Daniel Trinder told a special committee hearing. Ripple plans to apply for the license as the company expands its operations in the country, said legal official Susan Friedman.
Ripple employs around 60 people in the UK, the committee was told. “Our current business model does not require Ripple to be registered with the FCA, but as we expand our footprint in this country, which is what we intend to do, we will require registration with those authorities,” he said. Friedman said.
Binance has had several run-ins with the FCA in recent years, including the regulator in June 2021 ordering the company to warn users that it is not authorized to engage in legal activities in the UK. The FCA also issued a statement on Binance’s relationship with Eqonex in March of this year, saying it was concerned about the exchange operator.