I just watched a Youtube video about this, though I was only half paying attention to it since I don't use Binance myself, nor am I in the UK. What I think I heard was that this only applies to crypto derivatives and not crypto itself--but someone correct me if I'm wrong. I didn't read the link yet, as I just woke up.
If that's the case, then this is really no different than the US government blocking bitcoin ETFs (though I believe they allow crypto futures trading, which is obviously a derivative). And this shouldn't come as shocking news to anyone, because a lot of us have been expecting increased regulation of cryptocurrencies for quite some time now. I'm actually surprised the wild west days have lasted this long.
But we'll have to see how this all plays out in real life. I have a feeling it won't affect UK bitcoiners as much as they think.
Topic: Binace Markets, subsidiray of Binance, banned from operating in UK - page 2. (Read 195 times)
June 28, 2021, 07:36:45 AM
June 28, 2021, 07:26:07 AM
All right, so not only do they have a negative attitude to cryptocurrency, and do not offer alternatives to adequately address this issue
June 28, 2021, 06:55:00 AM
The UK financial authority has effectively banned Binance Markets from operating in the country. While this does not affect its main service, it is something of a warning for all the major exchanges on regards to compliance and agreement with the Financial Conduct Authorities, not only in UK but in general. The effort for compliance made by Coinbase marks a difference when these things happen.
The ban extends to "regulated activities", such as for example constituting an investment fund, but not for now on the trade of crypto itself.
source: https://www.bbc.com/news/business-57632831#:~:text=Binance%2C%20the%20world%27s%20biggest%20crypto,regulated%20activity"%20in%20the%20UK.
From other sources, the reasons seem to be insufficient anti-money-laundering compliance or even involvement in it.
The ban extends to "regulated activities", such as for example constituting an investment fund, but not for now on the trade of crypto itself.
source: https://www.bbc.com/news/business-57632831#:~:text=Binance%2C%20the%20world%27s%20biggest%20crypto,regulated%20activity"%20in%20the%20UK.
From other sources, the reasons seem to be insufficient anti-money-laundering compliance or even involvement in it.
Quote
The move extends a regulatory crackdown on the cryptocurrency sector amid concerns about its potential involvement in money laundering and fraud. Binance withdrew an application related to the 5MLD—an anti-laundering directive—on May 17 following “intensive engagement from the FCA,”
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