Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Binance banned from doing business in UK

bloomberg.com

Post reply on HN
Print view View original

31–40 of 286 posts

Re: Binance banned from doing business in UK

#31

Post by chirau »

throwaway77384 wrote: post #8

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 recent…

Is Coinbase also a case of not your keys, not your crypto? What would be the best way then to have your keys and your crypto? I never really understood the whole crypto storage stuff and how to approach it.

Re: Binance banned from doing business in UK

#34

Post by da_big_ghey »

kgraves wrote: post #13

Good. This is welcome and excellent news, I hope more regulators follow suit of this to more unregulated exchanges in the future. Cryptocurrencies are only used for scammers and fraudsters. I would go as so far as to banning them all.

"Cash are only used for scammer and fraudster." More true in today since most person have used a credit card and phone paying. Any tool with anonymous means can also have uses for bad person. But is not any excuse for banning, good person can sometimes not want to make a public purchase.

Re: Binance banned from doing business in UK

#35

Post by encryptluks2 »

chirau wrote: post #31
throwaway77384 wrote: post #8

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 recent…

Is Coinbase also a case of not your keys, not your crypto? What would be the best way then to have your keys and your crypto? I never really understood the whole crypto storage stuff and how to approach it.

Yes absolutely. Coinbase has terrible customer service, often ignoring support requests completely until you go onto social media and try to get their attention publicly before they'll even give you a response. I don't think there is necessarily a "best" way to have your keys and crypto, but usually depending on the crypto you use they usually have an official wallet that you can use where you'd be responsible for the key(s). This means that you act like your own bank though, so if you lose your private key you also lose your crypto. Therefore it is important to use utmost security, privacy and safety when displaying and saving your key.

A lot of people swear by hardware wallets like Ledger, and I think those are probably the best options for people that don't know a lot about security and crypto or possible even those that do.

Re: Binance banned from doing business in UK

#36

Post by jasdine817 »

rchaud wrote: post #23
throwaway77384 wrote: post #8

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 recent…

Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?

I just used a tool called BIP39 generator on and offline machine which you can feed entropy and it will generate a bitcoin private key. then sent funds to that address.

Then just keep those details safe.

Re: Binance banned from doing business in UK

#37

Post by kgraves »

kJuRaTGza2 wrote: post #27
kgraves wrote: post #13

Good. This is welcome and excellent news, I hope more regulators follow suit of this to more unregulated exchanges in the future. Cryptocurrencies are only used for scammers and fraudsters. I would go as so far as to banning them all.

Crypto is the only way I can pay for VPN without disclosing my identity. Also it's the only way I can move money abroad without getting a special permission from my country's central bank (except physically flying with max $10k cash). Ah, and also there is a war in my country that may escalate any time, but thanks to cryptocurrencies I can run away with empty pockets and still access my money from anywhere in the wor…

> Crypto is the only way I can pay for VPN without disclosing my identity.

Some self respecting VPN providers allow you to pay with cash, you don't need crypto.

Re: Binance banned from doing business in UK

#38

Post by topicseed »

From my understanding, this ban applies to regulated activities such as trading some specific securities, as well as options, contracts, and the likes.

From the FCA's website[0]:

> While we don’t regulate cryptoassets like Bitcoin or Ether, we do regulate certain cryptoasset derivatives (such as futures contracts, contracts for difference and options), as well as those cryptoassets we would consider ‘securities’ – find out more information. A firm must be authorised by us to advertise or sell these products in the UK

[0] https://www.fca.org.uk/news/news-stories/consumer-warning-bi...

Re: Binance banned from doing business in UK

#39

Post by kgraves »

da_big_ghey wrote: post #34
kgraves wrote: post #13

Good. This is welcome and excellent news, I hope more regulators follow suit of this to more unregulated exchanges in the future. Cryptocurrencies are only used for scammers and fraudsters. I would go as so far as to banning them all.

"Cash are only used for scammer and fraudster." More true in today since most person have used a credit card and phone paying. Any tool with anonymous means can also have uses for bad person. But is not any excuse for banning, good person can sometimes not want to make a public purchase.

so what is the point of cryptocurrencies then? other than to make ponzi schemes efficient to the unsuspecting general public who don't even know what they are getting into? [0]

> But is not any excuse for banning, good person can sometimes not want to make a public purchase.

It is when ransomware is on the rise [1] and the cryptocurrency exchanges like binance are letting them get away with it.

[0] https://www.cnbc.com/2021/03/04/survey-finds-one-third-of-cr...

[1] https://www.coindesk.com/ransomware-is-a-crypto-problem

Post reply on HN