Binace Markets, subsidiray of Binance, banned from operating in UK

2double0

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Quote from: doomloop on June 29, 2021, 03:11:16 PM

They banned only Binance, that means they have an issue with only Binance, due to one reason or the other which we all are yet to know. The news didn’t say that they cryptocurrency in general, so that means people are still free to make use of cryptocurrency in UK. The only thing is that Binance users that are in UK will now have to switch to other exchanges that are there in the UK, such as Coinbase or any other that is very similar to Binance, or even Luno.

Hopefully Bianance will work on making themselves complying with the regulations of UK so that they may get chances to resume their services in UK as China may not remain their homeland anymore for all crypto related services.

Mate, do you even know how much percentage of the entire crypto economy is captured by Binance all over the world at present? I understand that we are taking about UK only, but when we talk about Binance, we don't use it only because it's a part of our country but it has got a global reputation which not all the exchanges have. And if Binance is being cracked down in a country, do you think other exchanges are strong enough to fight their government if they get scrutinized for whatever reasons?

doomloop

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They banned only Binance, that means they have an issue with only Binance, due to one reason or the other which we all are yet to know. The news didn’t say that they cryptocurrency in general, so that means people are still free to make use of cryptocurrency in UK. The only thing is that Binance users that are in UK will now have to switch to other exchanges that are there in the UK, such as Coinbase or any other that is very similar to Binance, or even Luno.

Hopefully Bianance will work on making themselves complying with the regulations of UK so that they may get chances to resume their services in UK as China may not remain their homeland anymore for all crypto related services.

yhiaali3

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Unfortunately there is a big anti-Bitcoin campaign in most governments, they are doing everything they can to prevent the spread of Bitcoin but they certainly won't succeed in that, I don't think this decision will affect encryption in the UK These measures will not succeed in limiting the spread of Bitcoin, most people are starting to realize the importance Crypto and won't give up easily.
Anti-money laundering is the legal argument that governments use to launch the attack on Crypto but it's become an old game exposed by everyone, will suspending Binance stop money laundering in the UK?

2double0

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So again a step on cracking down crypto further and stop people from attaining financial freedom just so the governments think that crypto is more involved in money laundering and frauds? What about those case files which are still eating dust in their backyards and were declared 'closed' because government was involved in it themselves? What do they have to say on this? There are tons of fiat money laundering cases that are not resolved yet, but as governments can't trace down transactions of people in crypto easily, they want to crack it down on the name of money laundering.

so98nn

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No man, country like UK should not have done this. Great britain was one of the top most country in my view which would never deny crypto currencies as whole. They will impose the regulation, that was fine but banned the worlds most famous market yard of crypto's, that is insane.
Seriously I mean, I dont know exact details neither I read that article but come on man, UK? That is one of the prestigious place of business dude. The country where the betting was made legal for the very first time. I dont understand why they are not giving freedom to the bitcoin now?

wiss19

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Quote from: ?? on ??

Oh boy, what is going on with the government's lately. First Nigeria and China and now also UK. It is not a ban yet on crypto currencies,but a first step. Why can't governments just leave the crypto world in peace? Regulating crypto services is a good idea, but banning them not. There are so many people now using cryptos, and most of us are doing it legitimately.

Lol

well, this is not the end of crypto, things like this usually happen. In Nigeria people are still making use of cryptocurrency there, because from what I read, they all switched to P2P exchanges. So, I guess that will be the situation of other countries where cryptocurrencies happens to get banned next. But, let’s just hope that governments don’t continue with all these banning of cryptocurrency, seriously, it’s really bad.

Hydrogen

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Its worth mentioning binance posted an official response to this.

https://twitter.com/binance/status/1409229415846981634

The second post appears to indicate the canceled service will be relaunched when binance UK is deployed.

I think there is a website being built to contain the service, which can be seen here:

https://www.binance.co.uk/

jossiel

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CMIIW.

But it's also Binance's fault that they're not complying to what's being asked to them by the government of the countries where they've been operating.

I think that's a warning not just for them but also for the other exchanges that might do the same ignoring the government's compliance towards their operation.

ultrloa

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Quote from: ?? on ??

Oh boy, what is going on with the government's lately. First Nigeria and China and now also UK. It is not a ban yet on crypto currencies,but a first step. Why can't governments just leave the crypto world in peace? Regulating crypto services is a good idea, but banning them not. There are so many people now using cryptos, and most of us are doing it legitimately.

Don't know what's their point of view on it maybe they cannot earn on cryptocurrencies that's why they start to regulate and slowly make it disappear on their country. But I believe this will never succeed as this will get back to normal and in future they will allow anything which is related on it or maybe they will allow back binance to operate. Maybe we are hot spot but everything will be alright and nice bitcoin pump up again.

Fortify

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Quote from: ?? on ??

Oh boy, what is going on with the government's lately. First Nigeria and China and now also UK. It is not a ban yet on crypto currencies,but a first step. Why can't governments just leave the crypto world in peace? Regulating crypto services is a good idea, but banning them not. There are so many people now using cryptos, and most of us are doing it legitimately.

The fact that you cannot distinguish between a government banning individual exchanges and a place like China which is banning any institution from Bitcoin activities shows you are very naive. It is also not an outright ban on Bitcoin, the UK financial services regulator is rightly protecting the average retail investor from the most dangerous activities that Binance offers to very inexperienced people - leveraged trading. They are not banning the buying and selling of cryptocurrency, if you did even a cursory bit of research before jumping on the bandwagon you would see they are regulating it in a rather light handed way. Too many people jump to conclusions based on an uninformed headline.

FanEagle

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Why wouldn't binance follow the rules and keep it going? I mean they will, but why do people think that they won't, or this is some sort of a problem? It is obvious that we are not going to have any problems, yet some people love to call it a doomsday whenever something happens. Bitcoin is doing good so people want to call bear and do some damage in order to make it go down. It is binance, if coinbase worths 60+ billion dollars that means binance probably worths 500+ billion at the very least, and a company that big will always find a way.

Plus UK is worlds biggest financial nation compared to other nations finances, not in the way that they are economically bigger or better, they are at top levels but could be not at the top, but how they got to top is not agriculture, not manufacturing, not cars, not energy, it is finance world of UK that brought them there.

tulusikhlas

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Not only the UK, Canada, and Japan finally banned Binance exchange. I don't know but some information says a lot about money laundering, regulation, and several other accusations. I'm confused as to why this effect is quite close to the problems with Bitcoin since a few weeks ago. Plus the biggest exchange Binance is also getting a number of blocks.
So which country can we trust and place high hopes for the future of Bitcoin on the shoulders of a government that really keeps Bitcoin as it should be?

ene1980

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Quote from: ?? on ??

Oh boy, what is going on with the government's lately. First Nigeria and China and now also UK. It is not a ban yet on crypto currencies,but a first step. Why can't governments just leave the crypto world in peace? Regulating crypto services is a good idea, but banning them not. There are so many people now using cryptos, and most of us are doing it legitimately.

The government is not acting against cryptocurrencies but against an exchange and it is not a big deal if they can comply with the regulation and you need to follow the rules and regulations and since we are a new market we had the leverage and the option to conduct any business without any restrictions and since the market has grown to new territories regarding the valuation we should expect these action against the exchanges to be more transparent and may be report everything that is taking place in the exchange.

Ucy

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I think one of the issues is the problem of centralized platforms holding users funds , transmitting money/assets without the required Transparency for tracking transactions and ability to resolve problems associated with these activities.
Alots of these can be easily addressed in decentralized manner. Once it's addressed, government authority will have little to no reason to intervene unless it decides to break its own laws and that's when users can legitimately use crypto features like censorship resistance, Anonimity to defend themselves.

Build the right crypto tech or keep revolving in circle like fools

crzy

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Mean while Binance received a letter of commendation from the UK South East Regional Organized Crime Unit on it's contribution fighting the cybercrime, I don't know if that news banning Binance from operating in UK will totally affect Binance itself but for me, they are still the best and they are doing their job not just an crypto exchange but also beyond their services, that's way more better compare to any exchanges.

YOSHIE

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Lately Bitcoin has become one of the special concerns for individuals not only that, governments around the world are also worried about Bitcoin, England, China and also several other countries also made a rule against Bitcoin, what the heck, there must be something that is being kept secret by the government.

I also watch youtube, their reasons are simple: afraid of Bitcoin being used as a place for money laundering, another reason is that it can damage the authority of the central bank because of the decentralized nature of Bitcoin, I'm not sure why governments are like that, I'm sure certain governments will want to do something about Bitcoin in the future like: (vision and mission), this is something that the Bitcoin community should pay attention to in the future.

crwth

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Their last advertisement is close to ending, and it's stated there that it's only until June 30.

Anyway, I hope that every other country involved with cryptocurrencies serves as a model for other countries that have banned it from changing their minds and hopefully having that economic revolution that everyone wants.

I hope everyone will have the same mindset as Mr. Saponaro, that crypto is not a scam and the industry will get there.

fiulpro

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Quote from: ?? on ??

Oh boy, what is going on with the government's lately. First Nigeria and China and now also UK. It is not a ban yet on crypto currencies,but a first step. Why can't governments just leave the crypto world in peace? Regulating crypto services is a good idea, but banning them not. There are so many people now using cryptos, and most of us are doing it legitimately.

I do think right now we are seeing two sides being separated. In countries like El Salvador, the government is doing anything to make sure it integrates their economic situation with Bitcoins and other cryptocurrencies but other countries like UK, China etc...these are the countries hungry for power , no doubt! They are seeing that they cannot control it. Therefore they would ban it. Which is honestly such a low step.
(Also they could be preparing for the digital version of their currencies so therefore wanted to clear the stage)

I think people will still be able to use the wallets in other countries if the government allows. Binance is actually very influential and dominating in the market, this will definately affect the people and maybe to an extent, the price.

With coming time we will see many more countries choosing a side and I do hope all of ours would be friendly to bitcoins.

bitmover

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Quote from: paxmao on June 28, 2021, 05:55:00 AM

source: https://www.bbc.com/news/business-57632831#:~:text=Binance%2C%20the%20world%27s%20biggest%20crypto,regulated%20activity"%20in%20the%20UK.

From the same article,

Quote

And on Friday, Japan's Financial Services Agency (FSA) warned Binance for the second time in three years that it is operating in the country without permission.

...

On Saturday, Binance announced it was pulling out of Ontario, Canada, after the Ontario Securities Commission (OSC) accused it and several other crypto trading platforms of failing to comply with province regulations.

Looks like they are having problems in Japan and Canada as well!!

Binance is like a cryptocurrency empire. The biggest exchange by volume by far! It is a reliable and very good exchange..

We can see here the volume by exchange: https://coinmarketcap.com/rankings/exchanges/

Didn't dominate the market like Mt Gox, but it is certainly impressive! Let's see if regulators are going to stop it!

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Quote from: The Sceptical Chymist on June 28, 2021, 06:36:45 AM

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.

With that I think is the exchange operation in UK that has been ban but the exchange is giving information that it won't affect the bitcoiners in UK. Anyway, I understand Binance is a very big exchange and huge presence in a country as a centralised exchange but the UK government is yet to restrict other exchanges from operation there, so the people can still go on with other exchanges.

The Sceptical Chymist

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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.

CoolerSid

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All right, so not only do they have a negative attitude to cryptocurrency, and do not offer alternatives to adequately address this issue

paxmao

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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.

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,”

Topic: Binace Markets, subsidiray of Binance, banned from operating in UK (Read 212 times)