U.K Banned binance exchange. - page 2.

stompix

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Blackjack.fun

Quote from: Darker45 on June 30, 2021, 09:13:31 AM

That indeed implies all kinds of trading and all other activities which are regulated. The catch there is regulated. Activities happening on platforms which are not under regulation from the Financial Conduct Authority (FCA) could go on as usual. The regulatory body couldn't impose anything on them as they are not under its jurisdiction. Meaning to say, Binance.com which is operating outside the UK is beyond its regulatory powers.

Remember bitmex? Grin

As long as Binance will allow UK users to use the platform it will go against the FCA's ruling,
https://register.fca.org.uk/s/firm?id=001b000000nojfNAAQ#what-can-this-firm-do-restrictions
The moment the FCA says that Binance is still allowing UK-based citizens it will turn ugly and CZ knows, that they withdrew their application on May 21st, they knew that can't obbey the rules so they will try and do another stunt. How many times it has been already?

Quote from: examplens on June 29, 2021, 05:53:49 PM

Why only Binance, what about other crypto exchanges/services?

Because they are the only ones fleeing country after country like a bumblebee and not holding a single valid license anywhere?

Darker45

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Quote from: bbc.reporter on June 30, 2021, 12:17:07 AM

@Darker45. All of the articles that I have read on the matter appear to be very vague and unclear. The articles said banned from undertaking of any regulated activity. Does that not imply trading with or without leverage?

That indeed implies all kinds of trading and all other activities which are regulated. The catch there is regulated. Activities happening on platforms which are not under regulation from the Financial Conduct Authority (FCA) could go on as usual. The regulatory body couldn't impose anything on them as they are not under its jurisdiction. Meaning to say, Binance.com which is operating outside the UK is beyond its regulatory powers. Therefore, what is actually under the scope of the ban are activities of Binance Markets Ltd which is what is only under FCA regulation.

leea-1334

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Temporary forum vacation

Ok guys so I am trying to find the answer and cannot find it. I am not a UK citizen BUT I have used Binance before to sell to EURO during pre Brexit and I have tried to verify before (it did not work) with a UK address.

I know most people say it does not change anything and Binance itself says the same but legally,,, should I be still using Binance or should I get worried?

bbc.reporter

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@Darker45. All of the articles that I have read on the matter appear to be very vague and unclear. The articles said banned from undertaking of any regulated activity. Does that not imply trading with or without leverage?

Binance is also being investigated in Japan and Germany. They left Ontario, Canada. US SEC also has mentioned that it will file a lawsuit on BNB token issuance. I know there is an exchange with an aggressive CEO who might take much of its customers hehe.

Darker45

legendary

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To be clear, lest it be misunderstood, what is banned is Binance's undertaking of any regulated activity within the UK. Meaning to say, what is not allowed is operation of any kind from any Binance entity within the UK without the necessary approval from the FCA. Which further means that since Binance.com is not an FCA-regulated entity, the leading platform for cryptocurrency exchange would still continue to offer its products and services to the UK market, with UK citizens completely free to make the most out of it.

Source:

https://www.reuters.com/world/uk/financial-watchdog-orders-crypto-exchange-binance-stop-regulated-activities-uk-2021-06-27/

examplens

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Crypto Swap Exchange

Quote from: BayAngelo on June 29, 2021, 04:50:49 PM

Recently, the financial watchdog banned binance exchange, the number one cryptocurrency exchange from business activities in united kingdom. this comes in effect after the congratulated binance for their assistance in exposing a huge drug business that uses crypto for their transaction. i thought the financial watchdog was transparent after expressing their successful collaboration with finance to fish out the business BUT baning binance shows they already has plan of doing so.
terrible how government financial institution functions.

is this your projection or is there an official statement somewhere from someone authoritative?
Why only Binance, what about other crypto exchanges/services? for everything you say, you can apply to other crypto-related services, so why only Binance.
Still, I would like to see the source of this information.

BayAngelo

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Recently, the financial watchdog banned binance exchange, the number one cryptocurrency exchange from business activities in united kingdom. this comes in effect after the congratulated binance for their assistance in exposing a huge drug business that uses crypto for their transaction. i thought the financial watchdog was transparent after expressing their successful collaboration with finance to fish out the business BUT baning binance shows they already has plan of doing so.
terrible how government financial institution functions.

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