Binance, the world's leading cryptocurrency exchange by trading volume, has received approval from the UK's Financial Conduct Authority (FCA) to offer its services in the country again. The FCA stated that Binance is in compliance with all regulatory aspects and requirements.

Binance CEO Changpeng Zhao also shared the news on Twitter, quoting the FCA about the exchange's full compliance.They didn't arrive on the Ethereum network until 2020 on the Aave platform. A transaction in Ethereum is a number of transactions that must be executed atomically. As a result, there can be only two options: in the first case, all necessary operations are successfully performed, while in the second case, the entire transaction goes into rollback. In the Ethereum network, key operations, such as sending ETH coins, ERC-20 tokens, or handling smart contracts, are performed within a transaction. Several steps may be required. The use of flash credits is also possible in the Binance Smart Chain blockchain.

"August 25, 2021 Update. On June 25, 2021, the FCA imposed requirements on Binance Markets Limited. The firm has complied with all aspects of the requirements."

The update was a big relief, as most of the regulatory problems arose after the FCA declared the exchange's operations non-compliant. After the FCA warning, about a dozen other countries also issued similar warnings against the crypto exchange.DeFi is currently on the cusp of astounding growth in the cryptocurrency space, but flash credit attacks are still a major obstacle. In the first half of 2021 alone, many DeFi systems were attacked for loans and lost millions of dollars.

Zhao said in recent interviews that the exchange's main focus going forward will be to remove current regulatory hurdles, and has taken several steps in the past couple of weeks to build relationships with regulators.