New Step in the UK from Binance and Ripple

Binance Vice President for government affairs in Europe, the Middle East and Asia, Daniel Trinder, said at a session of the Treasury Select Committee that Binance is currently in talks with regulators. Ripple Head of Policy Susan Friedman said the firm plans to apply for a license to develop its business in the country.

The committee was told that Ripple employs around 60 people in the UK. “Our current business model does not require Ripple to be registered with the FCA, but as we expand our footprint in this country, which we want to do, we will seek those registrations and permits,” Friedman said. said.

Binance has faced the FCA several times in recent years; These include an audit notice in June 2021 ordering the firm to warn users that it is not allowed to engage in regulated activities in the UK. The FCA also released a statement about Binance’s partnership with Eqonex in March of this year, saying it has concerns about the exchange company.

Lawyers in the UK had asked Binance to provide internal discussions and documents regarding the attempt to acquire FTX and the sale of the bankrupt exchange token FTT, Bloomberg News reported on November 15. According to the report, the UK Parliament’s Treasury Committee questioned why Binance announced it had sold $500 million worth of FTT tokens on November 6, and whether it knew during a crypto investigation that the exchange could trigger the collapse of FTX.