Topic: A message from my bank saying they will not allow me to purchase from Binance - page 2. (Read 581 times)
July 09, 2021, 12:10:45 PM
We really need to check why banks don't allow direct transactions to binance. AFAIK, the Indonesian government has also included the binance site in the exchange list which is no longer accessible to trader (blocking access site) due to not having permission and complying with regulation. But we can still use the app and make a deposit there via another local exchange that already has a permit.
July 09, 2021, 11:49:34 AM
I am also surprised with this. Binance.com is still operating in the UK until now, right? I mean, UK citizens can still avail of Binance.com's products and services? If I am not mistaken, the FCA ban was specifically directed at regulated activities by Binance Markets Limited, since it is the only entity of the Binance group which is under FCA regulation.
As a matter of fact, Binance.com's Updated List of Country Eligibility for the “Pay with Bank Card” Feature is still putting UK under countries whose "users can continue to use the service as normal." I'm not sure how updated it is, though.
Because it is not fully banned. This has been a news for a while and for some reason there are still some people who think that UK banned binance fully, why do people think that and does nobody read what we are talking about. There are "certain" things that Binance does all over the world which UK basically said requires a lot more KYC type security or information or whatever you want to call it, and as long as Binance gets those information from people then they could allow those operations to continue.As a matter of fact, Binance.com's Updated List of Country Eligibility for the “Pay with Bank Card” Feature is still putting UK under countries whose "users can continue to use the service as normal." I'm not sure how updated it is, though.
So, not only this is not about 100% all of binance being banned because it is not, this is about one part of it, this is also not fully banning it neither, this is just saying "hey you are doing this thing, ask them these before you let them do that" and that's it, nothing major. I do not believe that people should even care about this news at all.
July 09, 2021, 07:03:10 AM
I also learned this information through the news: The United Kingdom prohibits users from buying any encrypted assets and digital currencies on Binance.
I don’t feel strange.
1.First of all, there must be a large number of users complaining to Binance. When I was using Binance myself, I also felt that sometimes there were big problems，such as unplugging the network cable, delays, and inability to top up the deposit. As a result, I was blown out. It's more like someone deliberately manipulated it, causing users to make a lot of money at any time.
2.Second, Binance is a centralized exchange. There are many problems. It is not open and transparent. A large amount of our funds are deposited in Binance, but the exchange will use the funds to do other things that Sunshine can't find. , Everyone knows this very well.
3.Third, many bigwigs or people with higher knowledge of Bitcoin and blockchain have repeatedly said it many times-the coin withdrawal movement (transferring digital currency from a centralized exchange to a decentralized exchange).
We also need to continue to follow the spirit of Bitcoin, a decentralized peer-to-peer electronic cash payment system.
I don’t feel strange.
1.First of all, there must be a large number of users complaining to Binance. When I was using Binance myself, I also felt that sometimes there were big problems，such as unplugging the network cable, delays, and inability to top up the deposit. As a result, I was blown out. It's more like someone deliberately manipulated it, causing users to make a lot of money at any time.
2.Second, Binance is a centralized exchange. There are many problems. It is not open and transparent. A large amount of our funds are deposited in Binance, but the exchange will use the funds to do other things that Sunshine can't find. , Everyone knows this very well.
3.Third, many bigwigs or people with higher knowledge of Bitcoin and blockchain have repeatedly said it many times-the coin withdrawal movement (transferring digital currency from a centralized exchange to a decentralized exchange).
We also need to continue to follow the spirit of Bitcoin, a decentralized peer-to-peer electronic cash payment system.
July 09, 2021, 06:59:24 AM
OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.
<…>
Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.<…>
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).
Exchanges do not just hold crypto, they also have fiat as well, a lot of local exchanges have fiat, so let's say you deposit fiat in order to buy crypto, that money goes to a bank, it is not like you are giving ton of banknotes to the exchange by hand, you wire it to their bank account. Considering crypto market is billions of dollars all over the world, if I were a global bank I would tell each of my banks in whatever nation they are to get working with exchanges in order to have a ton more money deposit in my bank. It is just logical business, it makes sense, it is very very profitable.
July 09, 2021, 03:38:30 AM
July 09, 2021, 03:36:03 AM
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.
2. Give up that bank, it's not the only one in UK.
The second might now work
Clearly. It's the obvious pick
It's a pain in the a$$ to have 10 bank accounts and to use some of them for your crypto purchases.
Therefore,I decided to never buy Bitcoins from platforms like Coinbase or Binance.
Therefore,I decided to never buy Bitcoins from platforms like Coinbase or Binance.
The leap from 2 accounts to 10 is big and unnecessary. But hey, it's your choice.
You still picked one of the options I've shown, just it was [1], i.e. not what I would have picked. But, again, completely your choice.
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July 09, 2021, 02:53:47 AM
If people still feel they get the advantage from Binance and still use Binance without a problem, they will still use it. They will figure out how to still use Binance because they can use P2P exchange to deposit or withdraw the money. Besides that, Binance will follow everything, including the regulation in the UK, because I am sure Binance does not want to lose its revenue from UK users. There will be the next news about that from the banks and Binance because Binance will solve that matter.
July 09, 2021, 01:54:07 AM
I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance. This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done 
Oh now I’m starting to get the reason behind banning of Binance in the UK. The news has not really explained it properly and I kept wondering why the UK has decided to ban Binance and if they are going to do the same thing to other exchanges as well. Now I have understood that it was because of regulation that they decided to ban Binance from there. Anyways, Binance has always been an exchange that is not fly regulated wherever they go to. I believe that before the UK takes this kind of action against them, they must have been warned about it. Anyways, let’s wait and see what their actions would be. And as for me, I Willa advise you to stay out from the platform.
July 08, 2021, 07:59:38 PM
Im pretty sure Binance is thinking about considering FCA for the sake of customer's complaints. They have a lot of UK users that are loyal with Binance and if this banks wouldnt allow any transactions to Binance then the percentage of users will be decreased as well as their reputation.
If Coinbase complied already, Binance will think of doing it too.
If Coinbase complied already, Binance will think of doing it too.
July 08, 2021, 04:29:08 PM
I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance. This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done
I have heard about it. Why did you thought it wouldn't affect you guys after the ban. Didn't binance give a notice saying that people from UK should withdraw their funds before December? Or did I read it wrong? And yeah, they are going to lose a lot of revenue. If it going to affect them big time, then I guess we will be seeing binance.uk for you people. A registered company in UK that is FCA regualted.
July 08, 2021, 03:11:28 PM
I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance. This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done
I saw today that the Binance is trying to hire a former bank regulator from the UK into their company, most likely to try and navigate them towards the best solution for this situation. It is even worse for them than just being banned by the UK, but they are officially located in the Cayman Islands which are also looking into their company and as it is a British Overseas Territory it can cause even further pressure. I'm guessing that the people at Binance must have rubbed up some government officials the wrong way for such forceful action to be taken against them, like point blank refusing to divulge client information "for money laundering" purposes. I have little sympathy for Binance however as their fees are a scandalous ripoff and not adjusted fairly.
July 08, 2021, 09:20:36 AM
Binance and coinbase are awful. I would say stay away from using exchanges because the fees are annoying, and of course, you don't actually own any Bitcoin when you have it on these exchanges. You have an imaginary number on your wallet which denotes your balance, and you hope that you don't get banned. *But*, if you do use an exchange, do 10 seconds of research, there are so many better ones out there.
July 08, 2021, 08:45:24 AM
Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).
There are banks like this everywhere in the EU but here I don't think it's about the bank but more about Binance since they've stopped all SEPA deposits while no other exchange that is located or operates in the EU has done so.
That's correct. And OP has two obvious choices:
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.
The second might now work
Quote
The Cayman Islands-registered entity said earlier on Tuesday on Binance.com that the ability to remove or add sterling to its main platform using bank cards had been “suspended for maintenance”. The move came a day after customers were also frozen out of Faster Payments, a major UK payments network that provides quick transfers between the country’s banks, a restriction that the exchange also said was due to “maintenance”.
The Faster Payments withdrawals service was restored late on Tuesday afternoon, according to Binance.com. Deposits using both card and Faster Payment remained unavailable, while withdrawals through cards were still down as of about 5.50pm London time on Tuesday.
The Faster Payments withdrawals service was restored late on Tuesday afternoon, according to Binance.com. Deposits using both card and Faster Payment remained unavailable, while withdrawals through cards were still down as of about 5.50pm London time on Tuesday.
https://www.ft.com/content/bf99e9e3-d104-4a92-81a1-8bd70b884b3f
Quote
In an email to users on Tuesday, the exchange said that from 8am universal co-ordinated time on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or Sepa, schemes. Its move was due to “events beyond our control”, the exchange said.
July 08, 2021, 07:04:26 AM
So I would say this is a deliberate, arbitrary choice of said institution.
That's correct. And OP has two obvious choices:
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.
I don't use the same banking services for my monthly income and for crypto exactly for this kind of reasons: banks may - sooner or later - arbitrarily decide against Bitcoin and it's better to stay flexible.
It's a pain in the a$$ to have 10 bank accounts and to use some of them for your crypto purchases.
Therefore,I decided to never buy Bitcoins from platforms like Coinbase or Binance.
I don't want my bank accounts being blocked for some stupid reason,like buying Bitcoins.
Perhaps I will use services like Localbitcoins and Paxful.The fees are higher,but the process of buying Bitcoins isn't so direct.
Binance will become FCA regulated sooner or later.I don't like them,but at least they are trying to comply with the laws and regulations,just like every big company.
July 08, 2021, 07:04:08 AM
Does this ban exposed to all UK banks so far only Barclays refuses do work with Binance? With such prohibition, is it hard for UK citizen to open an account in an abroad bank? Just change the bank. Does the scheme "withdraw fiat - buy crypto IRL" popular in UK ?
Btw, what about PayPal in UK? It is possible to buy crypto through PayPal with UK ip? Bank card is linked to PayPal. You just pay to PayPal and bank dont monitor what you buy later. Will it work ?
Btw, what about PayPal in UK? It is possible to buy crypto through PayPal with UK ip? Bank card is linked to PayPal. You just pay to PayPal and bank dont monitor what you buy later. Will it work ?
July 08, 2021, 06:58:03 AM
So I would say this is a deliberate, arbitrary choice of said institution.
That's correct. And OP has two obvious choices:
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.
I don't use the same banking services for my monthly income and for crypto exactly for this kind of reasons: banks may - sooner or later - arbitrarily decide against Bitcoin and it's better to stay flexible.
July 08, 2021, 06:51:58 AM
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As heavily regulated institution then its just normal that they would really be having their own control and do whatever they do like as it opposes mostly on governments interest and since this is
decentralized market then its normal that they would really be having this kind of impression this is why im really hesitant whenever i do make use of my bank accounts which would be attached
on crypto earnings for it to be transacted because they can always anytime make an issue and then suddenly locked up your funds and you would need to comply anything that they would asked.
As heavily regulated institution then its just normal that they would really be having their own control and do whatever they do like as it opposes mostly on governments interest and since this is
decentralized market then its normal that they would really be having this kind of impression this is why im really hesitant whenever i do make use of my bank accounts which would be attached
on crypto earnings for it to be transacted because they can always anytime make an issue and then suddenly locked up your funds and you would need to comply anything that they would asked.
Sorry, I do disagree.
Other banks in Italy allow their clients trade cryptos. Some other Italian banks actually sell Bitcoins to their clients and provide them with wallets. Real bitcoins, not shitty CFD of derivatives.
Other European banks allow their clients to operate in crypto and sell them their services.
So I would say this is a deliberate, arbitrary choice of said institution.
July 08, 2021, 05:51:29 AM
OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.
<…>
<…>
Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).
As heavily regulated institution then its just normal that they would really be having their own control and do whatever they do like as it opposes mostly on governments interest and since this is
decentralized market then its normal that they would really be having this kind of impression this is why im really hesitant whenever i do make use of my bank accounts which would be attached
on crypto earnings for it to be transacted because they can always anytime make an issue and then suddenly locked up your funds and you would need to comply anything that they would asked.
Depends on the countries regulation if neither they are neutral or against crypto and expect these institutions would be following on whats mandated.
July 08, 2021, 05:15:49 AM
OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.
<…>
<…>
Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).
July 07, 2021, 07:31:46 PM
Its not complicated at all because the FCA have said they can not stop UK residents from " trading or buying and selling of crypto" on Binance . com but a few of the Banks here in the UK are using the FCA website link which states it was about the London based Binance Markets Limited company and not Binance. com
What is hard to understand that the few banks which are using the FCA as an excuse to stop people from buying and selling are wrong , Now if I was trading on the London based Binance market company which is not FCA regulated then I would totally understand. I am allowed to trade stocks and shares in the US or other countries without any problems and non of them are FCA regulated because they are not in the UK ... Now do you understand ...
But are you able to trade futures and options on binance.com while connecting Binance from UK and being a UK resident KYC verified? Did you try to do it? Because from what I understand of the FCA statement, futures and options markets are forbidden in the UK unless they have an authorization from the FCA.What is hard to understand that the few banks which are using the FCA as an excuse to stop people from buying and selling are wrong , Now if I was trading on the London based Binance market company which is not FCA regulated then I would totally understand. I am allowed to trade stocks and shares in the US or other countries without any problems and non of them are FCA regulated because they are not in the UK ... Now do you understand ...
Quote
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 – check our Register to make sure the firm is authorised.
https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-groupJump to: