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Binance banned from doing business in UK

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Re: Binance banned from doing business in UK

#51

Post by Animats »

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.

Well, as large amounts of funds are pulled from Binance, we will find out if they've been stealing.

A good regulatory step for the US would be to require that it can't be harder to withdraw than to deposit. Any ID requirements have to be completed before depositing, not withdrawing. And all withdrawals must be processed by T+2. Same rules as regular brokers.

Re: Binance banned from doing business in UK

#52

Post by ArkanExplorer »

jMyles wrote: post #47
ArkanExplorer wrote: post #44

Its great to see Governments finally acting against Crypto. The technology will float around, but the actual formal legal exchange of fiat for crypto should be banned. This will indirectly disable Ransomware, since businesses will not be able to purchase the coins. And by reducing the price of coins, reduce the waste (electricity, hardware, human effort) associated with 'mining' them.

This perspective is just so alien to me. I don't understand how anyone can casually express such vulgar celebration of the state, knowing the misery that it inflicts on the most vulnerable in society, with money as its chief method of lifelong emotional torment. Moreover, your predictions seem completely bombastic to me. Has there ever been a case where governments banned something and the resulting black market sett…

The State can be replaced democratically.

Crypto is full of pump and dump and exit scams.

Bitcoin et al are also algorithmically supply inelastic. As demand for the coins decreases (due to the inability to actually buy them), the price will decline. This is basic supply and demand economics.

Re: Binance banned from doing business in UK

#53

Post by PaywallBuster »

encryptluks2 wrote: post #35
chirau wrote: post #31

Earlier quoted context omitted.

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 th…

yep, takes them weeks/months to reply to my email about deposit issues. I guess they don't want my money

Re: Binance banned from doing business in UK

#55

Post by bombcar »

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.

When you pull funds how do you transfer them out? As fiat or Bitcoin or tether or?

Re: Binance banned from doing business in UK

#56

Post by Grazester »

SkyMarshal wrote: post #49
eingaeKaiy8ujie wrote: post #41

Earlier quoted context omitted.

Use a separate computer with a minimal Linux system (maybe even without GUI) and only open-source software to manage your crypto. Your key should be password-protected. Make multiple backups of the key and remember your password. You can also write your password down on paper and hide it somewhere.

Also a good idea to use ECC Memory with the ZFS filesystem. That combination can correct any single-bit error, and detect and warn about any double-bit error, significantly reducing the chance of losing data to bitrot. And if you’re backing up your keys on USB drives, use high-endurance SLC NAND industrial drives. They provide the highest reliability and endurance available. https://www.embeddedarm.com/blog/slc-nand-…

"There's nothing special about ZFS that requires/encourages the use of ECC RAM more so than any other filesystem."-Matthew Ahrens

Re: Binance banned from doing business in UK

#57

Post by kgraves »

LatteLazy wrote: post #45
kgraves wrote: post #37

Earlier quoted context omitted.

> 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.

(not OP) Like walk to their office with folding money!?

Uh, yes?

If you care about your privacy that much, just drop the envelope in your local postbox and it sends it to them.

Re: Binance banned from doing business in UK

#58

Post by spottybanana »

grey-area wrote: post #43
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…

Doesn’t matter what you do with your cryptocurrency, the value can easily evaporate because of the actions of others, including binance and those who use it and other dodgy exchanges which make up the vast majority of crypto ‘transactions’. What happens when you want to sell it for fiat you can actually use and nobody wants to buy? So many people pouring money into this space have never seen a bear market or a bank r…

Bitcoin isn't that new thing any more, to me it looks like fiat holders have seen too many bitcoin holders gain significant value. Yes, there are also those that lose their BTC for whatever reason but to me it seems to be quite a minority compared to those who actually have made good dough just holding BTC. To the tune of having retired on their stash.

Re: Binance banned from doing business in UK

#59

Post by spottybanana »

nebulous1 wrote: post #22
mgamache wrote: post #5

Earlier quoted context omitted.

"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...

Looks like they actually altered that part. It now reads. "Since Binance pulled its application, that means the exchange can no longer provide services that were previously unregistered either, such as spot trading" It feels like The Block isn't entirely sure what Binance can or can't do at the moment.

> It feels like The Block isn't entirely sure what Binance can or can't do at the moment.

I'm sure also Binance and the FCA aren't sure about that. The regulatory uncertainty in this space is huge. Even after this statement it is very unclear if there are any effective sanctions FCA can enforce on Binance if they continue doing whatever they are doing. Or they might just stop advertising, and start some stealth advertising campaigns after an year os so.

Re: Binance banned from doing business in UK

#60

Post by mannerheim »

kgraves wrote: post #39
da_big_ghey wrote: post #34

Earlier quoted context omitted.

"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.c…

> so what is the point of cryptocurrencies then?

Buying or selling services governments or payment processors don't approve of. This includes drugs, pornography (cryptocurrency is the only payment method available on PornHub at the moment), and distasteful speech (Gab has been banned from various payment services).

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