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Binance banned from doing business in UK

bloomberg.com

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Re: Binance banned from doing business in UK

#3

Post by lugged »

celticninja wrote: post #2

Banned from setting up a UK specific exchange and not allowed to undertake regulated activities such as lending. This in no way affects the existing Binance exchange or the ability of UK users to use Binance.

I pulled my funds from binance, writings on the wall.

Re: Binance banned from doing business in UK

#5

Post by mgamache »

celticninja wrote: post #2

Banned from setting up a UK specific exchange and not allowed to undertake regulated activities such as lending. This in no way affects the existing Binance exchange or the ability of UK users to use Binance.

"The U.K.’s Financial Conduct Authority (FCA) has ordered crypto exchange Binance to stop undertaking any regulated activity in the country. But since the exchange pulled its application for the FCA's crypto-assets register, it will be unable to offer services that previously counted as unregulated — such as spot trading — either."

https://www.theblockcrypto.com/post/109766/uk-fca-bans-crypt...

Re: Binance banned from doing business in UK

#6

Post by overtonwhy »

"Binance has until Wednesday evening to confirm that it has removed all advertising and financial promotions, according to the FCA’s register. The exchange must also make clear on its website, social media channels and all other communications that it is no longer permitted to operate in the U.K."

"Binance is being probed by several agencies in the U.S., Bloomberg News reported in recent months. And Japan’s Financial Services Agency issued a warning against Binance recently, saying it offered crypto services without registration."

Re: Binance banned from doing business in UK

#7

Post by wpietri »

lugged wrote: post #3
celticninja wrote: post #2

Banned from setting up a UK specific exchange and not allowed to undertake regulated activities such as lending. This in no way affects the existing Binance exchange or the ability of UK users to use Binance.

I pulled my funds from binance, writings on the wall.

Yup. Regulators have given cryptocurrency companies a surprisingly long leash. But at least in the US, that's changing for sure.

Re: Binance banned from doing business in UK

#8

Post by throwaway77384 »

I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto.

Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat.

I'd advise to pull funds if possible. I've recently done so with mine.

Of course that means my keys / wallets are now my responsibility, along with ensuring that I have appropriate backups in place etc.

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