The hypocrisy of the UK on Cryptocurrency

pixie85

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Quote from: Vivageneviv on July 23, 2023, 04:03:33 AM

Quote from: Bitcoinpoly on July 23, 2023, 03:42:31 AM

I think the UK government strengthened the rules because of the FTX incident; this is a lesson learned. We should select some secure exchanges like Coinbase and Bitget.

The FTX incident likely raised concerns about security and regulation. It’s crucial for users to prioritize safety and use reputable exchanges like Bitget.

If they haven't blocked that exchange yet, it doesn't mean it's because of its reputation, but because it's too small for them to worry about.

I see only 3 ways for smaller exchanges under this jurisdiction.

1. They keep being small and working under the radar
2. They agree to surveillance, KYC, everything and apply for paid licenses basically letting the government track every transaction that goes through.
3. They keep growing and once they become big enough, get ready to pack their bags and flee before the agencies can raid them and shut them down.

betterhao

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Quote from: EarnOnVictor on July 06, 2023, 03:07:04 AM

I've been following the development in the UK in line with cryptocurrency for a while now, and I must say that I'm not so happy about most of the things I read. The hypocrisy of that nation is much, they could have just announced to the whole world that they've banned crypto instead of making life difficult for crypto enthusiasts by introducing unfriendly rules and preventing businesses around it by blocking exchanges and other business initiatives with sanctions.

Of course, it's not all their financial institutions, but once the strongest are doing so, how long would it take for more issues to arise?

Quote from: https://www.businessexpert.co.uk/business-banking/crypto-friendly/#:~:text=Why%20UK%20banks%20are%20blocking,collapse%20of%20the%20FTX%20exchange.

Why UK banks are blocking transfers to and from crypto exchanges
As of 2023, many UK high street banks are blocking payments to and from major cryptocurrency exchanges such as Binance and Coinbase due to increased security concerns post the collapse of the FTX exchange.

Can you imagine? Banks claim to be blocking people and businesses because of the FTX collapse. How many banks have they stopped because of the ugly past of many UK banks that went insolvent?

The problem of one establishment out of many should never be a yardstick in judging others. For me, these banks are anti-crypto and their actions are high level of hypocrisy.

In the future, I think the UK gov should be cautious. We should be embracing Web3, like Hong Kong did, licensing the CEX, and updating the regulations. Change is inevitable.

Well, whether we like it or not, I think Web3 and DeFi technologies are either THE future of finance or part of it, for sure. So not only UK, but the rest of the countries should take proactive steps to prep and embrace it. This could attract blockchain startups to its shores and build the local economy.

PaulPeterPedro

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Quote from: ?? on ??

Quote from: EarnOnVictor on July 06, 2023, 03:07:04 AM

I've been following the development in the UK in line with cryptocurrency for a while now, and I must say that I'm not so happy about most of the things I read. The hypocrisy of that nation is much, they could have just announced to the whole world that they've banned crypto instead of making life difficult for crypto enthusiasts by introducing unfriendly rules and preventing businesses around it by blocking exchanges and other business initiatives with sanctions.

Of course, it's not all their financial institutions, but once the strongest are doing so, how long would it take for more issues to arise?

Quote from: https://www.businessexpert.co.uk/business-banking/crypto-friendly/#:~:text=Why%20UK%20banks%20are%20blocking,collapse%20of%20the%20FTX%20exchange.

Why UK banks are blocking transfers to and from crypto exchanges
As of 2023, many UK high street banks are blocking payments to and from major cryptocurrency exchanges such as Binance and Coinbase due to increased security concerns post the collapse of the FTX exchange.

Can you imagine? Banks claim to be blocking people and businesses because of the FTX collapse. How many banks have they stopped because of the ugly past of many UK banks that went insolvent?

The problem of one establishment out of many should never be a yardstick in judging others. For me, these banks are anti-crypto and their actions are high level of hypocrisy.

In the future, I think the UK gov should be cautious. We should be embracing Web3, like Hong Kong did, licensing the CEX, and updating the regulations. Change is inevitable.

Hong Kong's licensing of CEX and embracing Web3 has shown positive outcomes. It's time for the UK to take a similar path and create a supportive environment for crypto businesses.

Myleschetty

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Quote from: EarnOnVictor on July 06, 2023, 03:07:04 AM

Can you imagine?

To be told, there's no way the issue like FTX, Terra, etc will happen that won't do some damage to cryptocurrency's reputation because it will always open doors for anti-crypto people to somehow force some government organizations into creating some rules and regulations that will make things hard for genuine cryptocurrency investors and this exact what happened here.

WatChe

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Quote from: Weawant on July 23, 2023, 07:56:11 AM

Banks will always used any opportunities they have to discourage people's from investing in cryptocurency because when people invest in cryptocurrency it takes money from their hands. People no longer trust banks because they're no longer leaving their money in banks.

People are now investing in cryptocurrency and the banks sees this as a threat to their business so they'll use every opportunity to attack those people doing this which is why they're closing their banks accounts. Both the banks and the government don't like cryptocurrency.

They'll protect their fellow banks when they have financial problem and look for ways to make people to keep trusting banks because it benefits their businesses but when it's cryptocurency they act like all cryptocurency are bad like the ones that collapse, it's just the nature.

If you understand what cryptocurrency is (in decentralised manner) then its very easy to understand why government and Banks are not in favour of this new financial system. There is not much resistance for centralised system since they can easily manipulated and controlled. The government opposition to cryptocurrency wont be reduced in near future rather it will be more intense in coming days. Move your crypto assets to wallet if you don't want any government censorship.

ananyabushra

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Quote from: EarnOnVictor on July 06, 2023, 03:07:04 AM

I've been following the development in the UK in line with cryptocurrency for a while now, and I must say that I'm not so happy about most of the things I read. The hypocrisy of that nation is much, they could have just announced to the whole world that they've banned crypto instead of making life difficult for crypto enthusiasts by introducing unfriendly rules and preventing businesses around it by blocking exchanges and other business initiatives with sanctions.

Of course, it's not all their financial institutions, but once the strongest are doing so, how long would it take for more issues to arise?

Quote from: https://www.businessexpert.co.uk/business-banking/crypto-friendly/#:~:text=Why%20UK%20banks%20are%20blocking,collapse%20of%20the%20FTX%20exchange.

Why UK banks are blocking transfers to and from crypto exchanges
As of 2023, many UK high street banks are blocking payments to and from major cryptocurrency exchanges such as Binance and Coinbase due to increased security concerns post the collapse of the FTX exchange.

Can you imagine? Banks claim to be blocking people and businesses because of the FTX collapse. How many banks have they stopped because of the ugly past of many UK banks that went insolvent?

The problem of one establishment out of many should never be a yardstick in judging others. For me, these banks are anti-crypto and their actions are high level of hypocrisy.

In the future, I think the UK gov should be cautious. We should be embracing Web3, like Hong Kong did, licensing the CEX, and updating the regulations. Change is inevitable.

Absolutely! Embracing Web3 and updating regulations would be a smart move for the UK to stay competitive in the global crypto landscape. Hong Kong's approach could serve as a valuable example

darkangel11

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Quote from: EarnOnVictor on July 06, 2023, 03:07:04 AM

Can you imagine? Banks claim to be blocking people and businesses because of the FTX collapse. How many banks have they stopped because of the ugly past of many UK banks that went insolvent?

The problem of one establishment out of many should never be a yardstick in judging others. For me, these banks are anti-crypto and their actions are high level of hypocrisy.

Can't you see? They know what's best for you and where you should be sending your money, or not.
What you should be asking yourself (and them) is: whose money is it? Is it mine, or is it the banks? Because when I have a house and I decide to paint it blue, I can do it without asking anyone. If I have a car and I want to drive it until the engine blows, I can do it. I own this money, but I can't spend it on the things I want?

Cryptoababe

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Quote from: Zee27 on July 23, 2023, 08:36:08 AM

Quote from: Chibaba on July 23, 2023, 07:28:57 AM

Safety should always be a priority when dealing with cryptocurrencies. By choosing secure exchanges, we can protect our assets and contribute to the overall stability of the crypto market.

Yes, Bitget also disclosed their protection funds just like Binance.

It's unfortunate that such incidents can impact the industry's reputation. Choosing trustworthy exchanges is a responsible decision that can protect users from potential risks.

flyingcarpet

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Quote from: Weawant on July 23, 2023, 07:56:11 AM

Quote from: EarnOnVictor on July 06, 2023, 03:07:04 AM

Can you imagine? Banks claim to be blocking people and businesses because of the FTX collapse. How many banks have they stopped because of the ugly past of many UK banks that went insolvent?

The problem of one establishment out of many should never be a yardstick in judging others. For me, these banks are anti-crypto and their actions are high level of hypocrisy.

Banks will always used any opportunities they have to discourage people's from investing in cryptocurency because when people invest in cryptocurrency it takes money from their hands. People no longer trust banks because they're no longer leaving their money in banks.

People are now investing in cryptocurrency and the banks sees this as a threat to their business so they'll use every opportunity to attack those people doing this which is why they're closing their banks accounts. Both the banks and the government don't like cryptocurrency.

They'll protect their fellow banks when they have financial problem and look for ways to make people to keep trusting banks because it benefits their businesses but when it's cryptocurency they act like all cryptocurency are bad like the ones that collapse, it's just the nature.

You are right, why should we trust banks? Banks have opposed the growth of the crypto industry for years because they want to control money in every country.

The untrustworthiness of banks has caused the crypto industry to grow faster. There are many reasons for this, but this is one of the main reasons why banks see crypto as a competitor. People don't trust the bank. That's why banks don't like crypto. We can say this with a simple thought.

How many banks have ever gone bankrupt and victimized people. Which government tried to prevent that? They are ruthless against the crypto industry but they don't see the mistakes of the banks. And as you said, they treat all cryptos the same, citing an example of an event that was bad.

Haunebu

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UK government is pathetic and their own people know this frankly speaking op. I wasn't aware of these developments, but I am not really surprised to hear about them. They are complete trash who don't really care about commoners.

Countries like El Salvador are way better in comparison even though their criminal rate is pretty high and it's a small economic nation in comparison.

BenCodie

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Quote from: EarnOnVictor on July 06, 2023, 03:07:04 AM

I've been following the development in the UK in line with cryptocurrency for a while now, and I must say that I'm not so happy about most of the things I read. The hypocrisy of that nation is much, they could have just announced to the whole world that they've banned crypto instead of making life difficult for crypto enthusiasts by introducing unfriendly rules and preventing businesses around it by blocking exchanges and other business initiatives with sanctions.

Of course, it's not all their financial institutions, but once the strongest are doing so, how long would it take for more issues to arise?

Banks have been both openly and subversively attacking Bitcoin since Bitcoin waged a war against them at the time of its inception. Banks have tried to call it a scam, a pyramid, a vehicle for criminals, a ponzi and much more. Now words are not enough, so they are using their power to try and limit its usage by the people. This is nothing new and as always, it won't stop Bitcoin. If one can think outside of the box and is not already too restricted, one can bypass unfair regulations imposed on the ability to own Bitcoin.

Quote from: EarnOnVictor on July 06, 2023, 03:07:04 AM

Quote from: https://www.businessexpert.co.uk/business-banking/crypto-friendly/#:~:text=Why%20UK%20banks%20are%20blocking,collapse%20of%20the%20FTX%20exchange.

Why UK banks are blocking transfers to and from crypto exchanges
As of 2023, many UK high street banks are blocking payments to and from major cryptocurrency exchanges such as Binance and Coinbase due to increased security concerns post the collapse of the FTX exchange.

Can you imagine? Banks claim to be blocking people and businesses because of the FTX collapse. How many banks have they stopped because of the ugly past of many UK banks that went insolvent?

The problem of one establishment out of many should never be a yardstick in judging others. For me, these banks are anti-crypto and their actions are high level of hypocrisy.

This is plain criminal if this is true. The only rationale behind it would be their own liquidity issues which they now have to make up for. This is the same as a casino using KYC and terms/conditions to take balances from players when they are facing liquidity issues.

Actions like this is exactly why we need Bitcoin. One day people will get the message with harsh banking regulations, they will stop trusting banks and start finding their way to Bitcoin.

Zee27

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Quote from: Chibaba on July 23, 2023, 07:28:57 AM

Quote from: Vivageneviv on July 23, 2023, 04:03:33 AM

Quote from: Bitcoinpoly on July 23, 2023, 03:42:31 AM

I think the UK government strengthened the rules because of the FTX incident; this is a lesson learned. We should select some secure exchanges like Coinbase and Bitget.

The FTX incident likely raised concerns about security and regulation. It’s crucial for users to prioritize safety and use reputable exchanges like Bitget.

Safety should always be a priority when dealing with cryptocurrencies. By choosing secure exchanges, we can protect our assets and contribute to the overall stability of the crypto market.

Yes, Bitget also disclosed their protection funds just like Binance.

Liliana1304

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This action by the UK government just proves this saying right " you can't approve that which you can't control". It shouldn't surprise you that such an act is from them because they'd be the losers if such happens and bitcoin can't thrive there due to regulation, fear and greed . Imagine that with a population of over 67.62m individuals in the UK, just 5% own crypto but imagine if that percentage goes higher, it would become a threat to them hence the brutal, strident rules placed on them.

What amuses me though is the sorry excuse given for their actions and that being the FTX saga but to think that people are willing to turn a blind eye to the faults of traditional financial institutions and point accusing fingers at Bitcoin and crytocurrencies just goes to prove how ignorant they are.

Weawant

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Quote from: EarnOnVictor on July 06, 2023, 03:07:04 AM

Can you imagine? Banks claim to be blocking people and businesses because of the FTX collapse. How many banks have they stopped because of the ugly past of many UK banks that went insolvent?

The problem of one establishment out of many should never be a yardstick in judging others. For me, these banks are anti-crypto and their actions are high level of hypocrisy.

Banks will always used any opportunities they have to discourage people's from investing in cryptocurency because when people invest in cryptocurrency it takes money from their hands. People no longer trust banks because they're no longer leaving their money in banks.

People are now investing in cryptocurrency and the banks sees this as a threat to their business so they'll use every opportunity to attack those people doing this which is why they're closing their banks accounts. Both the banks and the government don't like cryptocurrency.

They'll protect their fellow banks when they have financial problem and look for ways to make people to keep trusting banks because it benefits their businesses but when it's cryptocurency they act like all cryptocurency are bad like the ones that collapse, it's just the nature.

Chibaba

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Quote from: Vivageneviv on July 23, 2023, 04:03:33 AM

Quote from: Bitcoinpoly on July 23, 2023, 03:42:31 AM

I think the UK government strengthened the rules because of the FTX incident; this is a lesson learned. We should select some secure exchanges like Coinbase and Bitget.

The FTX incident likely raised concerns about security and regulation. It’s crucial for users to prioritize safety and use reputable exchanges like Bitget.

Safety should always be a priority when dealing with cryptocurrencies. By choosing secure exchanges, we can protect our assets and contribute to the overall stability of the crypto market.

Vivageneviv

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Quote from: Bitcoinpoly on July 23, 2023, 03:42:31 AM

I think the UK government strengthened the rules because of the FTX incident; this is a lesson learned. We should select some secure exchanges like Coinbase and Bitget.

The FTX incident likely raised concerns about security and regulation. It’s crucial for users to prioritize safety and use reputable exchanges like Bitget.

coindigitalcoin

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Indeed their policies have been brutally harsh toward the whole tech sector, definitely backfiring on them with any innovation being pushed elsewhere. Literally just seen the news today that even Apple and Meta will be pulling their services out from UK users (Imessage and Whatsapp) potentially. Hopefully we don't see the same with whatever crypto companies are left, really only Binance and Bitget left that I know still accept direct deposit from my banks here. Maybe crypto.com but not hundred percent sure about that one. Hopefully were moving in the right direction with the new stable coin regulations receiving Royal Assent.

Bitcoinpoly

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I think the UK government strengthened the rules because of the FTX incident; this is a lesson learned. We should select some secure exchanges like Coinbase and Bitget.

OcTradism

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Quote from: harapan on July 18, 2023, 01:24:32 AM

Those banks that come up with the "your own security" excuse and lazy. They can't even come up with a better excuse. They can't even guarantee their own security so why should I trust them?

Trust them and sacrifice your privacy while security is unknown. Who will make this bet?

Quote

Smart banks would know by now that they can't win against Bitcoin. Maybe they can win against other centralized altcoins, but when it comes to Bitcoin, all they can do is fight, they can't win. And the longer they fight, the longer they miss out.

Central banks and commercial banks know that Bitcoin is a big risk for them. When more people know about strength of Bitcoin network and Bitcoin transactions like its strong decentralization, capacity to proceed transactions safely and irreversibly, no censorship, more people will use Bitcoin network more than bank wires to transfer their funds.

Quote

Bitcoin stands against every fraudulent wall they build.
They should be lucky there are still people who don't trust Bitcoin but trust fiat.
Banks mismanage customers funds all the time but they're here acting like our personal lord and savior, it's so bad people are still falling for that crap.

There will be people who trust Bitcoin, trust banks only and there will be people who trust both, use both. Central banks, commercial banks, Bitcoin will continue to serve human societies and none of them will disappear or die.

Argoo

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I do not see anything strange in this behavior of UK banks. Banks are an economic and at the same time a political instrument of any state, regardless of their form of ownership. Even in minor matters, they must act strictly according to the instructions of the higher authorities. And almost all states are not very friendly towards cryptocurrency. Therefore, it would be foolish to assume that their governments will stand by as the cryptocurrency grows and gains strength and influence among the population. At the same time, it must listen to the opinion of its future constituents. Therefore, this process is ambiguous. This explains why governments cannot decide on their attitude towards cryptocurrency, although they are trying to tighten its regulation in some places. The degree of freedom of speech and the rights of the population is also of great importance here.

Topic: The hypocrisy of the UK on Cryptocurrency (Read 530 times)