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Binance UK: FCA Tries to Look Tough Again

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khinkali

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Feb 6, 2020
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#1

Consumer warning on Binance Markets Limited and the Binance Group

Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group). Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior...
www.fca.org.uk www.fca.org.uk

decrypt.co

Binance Can't Do Business in UK But Crypto Trading Unaffected: British Financial Watchdog - Decrypt

Binance cannot operate in the UK, said the UK’s financial watchdog. But crypto traders can still use companies not registered with the FCA.
decrypt.co decrypt.co

Does this matter? Is it a nail in the coffin of Brexit Britain, supposedly outwardly looking? FCA already crippled Wirex UK and is losing confidence as a 21st century regulator.

My view: Either go back to what some people here call EUSSR, or look forward to a more heterogenous future where currencies are not only controlled by a very few nation states and business will thrive in a more open environment. Not that my view carries any weight. I don't trust them. I left.
 
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#2
"Be wary of adverts online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products," the FCA said.
Click to expand...
Well, lucky for OCT members with at least half a brain we weren't buying OneCoin anyway.

Given that promotion of crypto derivatives were already banned to UK retail investors and that spot exchange seems unaffected by the recent hot air, am I right to assume that the new "dramatic intervention" is nothing but fluff and bluster?

Or did this dramatic press release have any substance at all?
 
#3
Not only the UK... Canada, and Japan as well.

news.bitcoin.com

Ontario Crackdown on Crypto Exchanges Continues With Binance Leaving the Province – Exchanges Bitcoin News

Cryptocurrency exchange Binance will no longer provide services in the Canadian province of Ontario. The decision comes amid ongoing regulatory pressure Cryptocurrency exchange Binance will no longer provide services in the Canadian province of Ontario.
news.bitcoin.com news.bitcoin.com

cryptobriefing.com

Japanese Regulator Issues Warning to Binance

Japan's financial regulator has warned that Binance allowed Japanese citizens to trade cryptocurrencies without registering the exchange.
cryptobriefing.com cryptobriefing.com
 
#5
Seems Binance never had offices in UK and business is operating from Bermuda. They only thing that might be affected is GBP withdraws
 
#6
UK will soon be on phone to its British Overseas Territory i.e Cayman Islands and asking them why they are hosting Binance HQ smi(&%.

But seriously I think it was right move by UK. Doesn't really change anything for Binance on ground for now. However it will tarnish Binance reputation in financial circles and may limit other regulators willing to work with them.

Best to avoid Binance altogether and not keep anything on there :confused:
 
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#7
Martin Everson said:
UK will soon be on phone to its British Overseas Territory i.e Cayman Islands and asking them why they are hosting Binance HQ smi(&%.

But seriously I think it was right move by UK. Doesn't really change anything for Binance on ground for now. However it will tarnish Binance reputation in financial circles and may limit other regulators willing to work with them.

Best to avoid Binance altogether and not keep anything on there :confused:
Click to expand...
Which crypto exchange you trust or like or recommend ?
 
#8
azb1 said:
Which crypto exchange you trust or like or recommend ?
Click to expand...

Trust is a strong word you can trust nothing in crypto world ns2. But I have used godex.io and it has proved faultless so far fingers crossed nai¤%.
 
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#9
Just falling in line with the US, UK after Brexit will fall more in line with the US, like Aus, Cad, (*NZ going to China*)...

See the things that have already happened, all data for UK citizens is now accessible by the US under the cloud act, SEC has direct access outside of MLAT to nose around UK companies etc.
 
#10
Last edited:
#11
azb1 said:
Which crypto exchange you trust or like or recommend ?
Click to expand...
None. Maybe your best bet are kraken, coinbase or some of the swiss crypto banks, depending on your passport/residency.
So in absense of trust, you'd best limit exposure and dependence on one particular service and spread over 10-20 such that each position is just about 5-10%.
Same applies for banks who want to kyc/compliance you to a slow death by burying you with paperwork ;)
 
#12
wellington said:
Just falling in line with the US, UK after Brexit will fall more in line with the US, like Aus, Cad, (*NZ going to China*)...
Click to expand...

I wonder if those Five Eye nations got Binance in their crosshairs nai¤%. They must have some serious intel on what Binance is up to.


P.S Exit Binance while you still can. When net closes on them they will claim they were hacked and dissappear with your crypto like these dudes below smi(&%.

 
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#14
Martin Everson said:
UK will soon be on phone to its British Overseas Territory i.e Cayman Islands and asking them why they are hosting Binance HQ smi(&%.
Click to expand...

www.theblockcrypto.com

Cayman Islands regulator is investigating Binance's activities in the territory

Binance responded that it runs Binance.com in a decentralized manner and denies it operates the crypto exchange out of the Cayman Islands.
www.theblockcrypto.com www.theblockcrypto.com

Binance Not Authorised by CIMA to Operate Crypto-Currency Exchange

The Cayman Islands Monetary Authority (the “Authority”) wishes to inform the public that Binance, the Binance Group and Binance Holdings Limited are not registered, licensed, regulated or otherwise authorised by the Authority to operate a crypto-currency exchange from or within the Cayman Islands.
www.cima.ky www.cima.ky

I mean, who the f gets investigated by the Cayman Islands? ns2
 
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#15
Tr0nad0r said:
I mean, who the f gets investigated by the Cayman Islands?
Click to expand...

When you have an exchange that pisses of the USA thats bad news. Its the financial equivalent of Afghanistan giving sanctuary to Osama Bin Laden....and we all know how that ended for Afghanistan :confused:. No country wants to get in way of US when it comes to financial crime in 2021....lol.
 
#17
Wonder what Binance exit plan is if they cant find a stable home? Maybe pretend they were hacked and make a run for it with all the customer crypto smi(&%. That Africrypt exchange in South Africa ran by a 20yr old kid allegedly did just that and made away with $3.6bn :oops:.
 
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#18
Martin Everson said:
Wonder what Binance exit plan is if they cant find a stable home? Maybe pretend they were hacked and make a run for it with all the customer crypto smi(&%. That Africrypt exchange in South Africa ran by a 20yr old kid allegedly did just that and made away with $3.6bn :oops:.
Click to expand...
Here is an illustration of their exit plan:
1625329913918.png
 
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