Topic: What Binance Market ban is about - page 2. (Read 316 times)

I don't think UK has anything to do with crypto currencies. Yeah, it is not regulated, so cryptos are not their headache. But Binance does deal with fiat currency, right? This is where the problem is. I doubt they would have banned binance if binance didn't support fiat currencies. Each country has their own rules and regulations. They follow their own AML policies. So if binance can't comply with the UK standards, then they will have to go. I am guessing we will be seeing binance.uk soon.

It's understandable since every country has its right to block services on their own respective jurisdictions unless and until these services comply to their laws. It's not really new, to be honest, though the issue tends to get big as the question of legality is already involved. Then again, there isn't a one-size-fits-all legal status for a company if it wants to service the whole world. Binance just doesn't really care on the local laws of some countries that ban them for as long as they still get a fair share of the world's market, they are still business as usual.

Whether Binance complies to the local laws, regulations, and rules mandated by UK is still up to anyone's guess as of now.

Thanks, OP for your Post. I was interested in learning about the dispute over why Binance has been banned in the UK. After reading the following articles, my doubts were clarified. There will be a lot of speculation about it but if Binance meets all the requirements he will become accepted into the FCA.


As we can see, Binance has always shown transparency in each process that we do not have to worry about.

               The binance ban is only a small part of the bigger picture and no matter how they sugarcoat everything, there is always a deeper meaning or a deeper reason for all of these efforts in pinning down this industry and every person within it. Achieving the desired results of such reasons they always mention including criminal activities are only cherries on top of the big cake that they are baking. The majority of people will always be greedy and selfish, even more when in power and of high position compared to others. While some may differ and stand firm on their morals, it is very rare. Oh well, at least these reasons they spout can somehow make things seem good at least since we can't do anything about their plans anyway.

Cryptocurrencies are not regulated in UK and so this is say another move to supress the exchange that trade in cryptos.Moreover they have said that they do not comply with AML policy of the country as Binance withdrew its application last month for setting up Binance digital market place in UK and also suspension of card payments for customers which makes another reason for them to take this decision.But if you have to work in regulated environment you have to comply with rules and regulations of the final authority which they didn't so they can't operate them.

I found binance only good for some countries they support and when you use and withdraw large amount from this exchange it is very difficult and it has a team that thoroughly checks the funds and they will put you in list of suspects. This doesn't seem like the ideal place for money-laundering offenders to notice

U.K expelling Binance from it's shores is somewhat surprising notwithstanding the reason, be it on the basis on small, medium or large crimes such as money laundering. I mean, centralized exchanges are somewhat regulated by the government as they can give out whichever data the government requires of them, thus if there's any case linking to Binance, an exchange that already has it's users data through KYC, then the government can basically get the information they need out of the exchange.

On the strength of the foregoing, I think the ban is more related to a crackdown/hostility to crypto than for money laundering reasons, just like the situation with the Nigerian government, which for no reason whatsoever, other than trying to hamper the growth of crypto placed a ban on banks processing crypto transactions via exchanges; I think that's the same situation panning out here.

I'm afraid there will be more of this regulations/bans/restrictions, did we even forget the situation in China, it's basically about control and freedom, the government do not like it's citizens controlling anything, not to talk of their funds; Bitcoin and other dex crypto's do the exact opposite, it's only natural the government try to fight it as they've been attempting to do with regulations and then their CBDC's.

I think it's really unfair that some illegal activities are ignored while others are heavily targeted. Binance has its own reasonable KYC policies, and if the sum of money is big, one will have to provide an ID. So if we're talking about big-scale money laundering, I don't think Binance is the first choice for criminals. Also, instead of outright banning Binance, the UK authorities could've imposed their own rules, such as obligatory KYC for everyone from the UK.  But no, they just banned one of the most reputable exchanges in the world, and the one which actually tries to comply with regulations of various countries and to operate transparently. So it's a sign of hostility towards cryptos, I think. They're okay with fiat being used for illegal activities, but not okay with cryptos being used at all.

Each country has its own rules and regulations. Binance operation seems not suitable for some countries (of course about KYC and AML), thus those with special interest will ban them, while some just don't care. It's difficult to operate globally, especially if it involves finance. Anyway, this news seems hot just because of the magnitude of the country, i.e., UK. FYI, the Binance domain has been blocked in my country long time ago.

(Translated roughly from my post in the Spanish section)

Look, my interpretation is that this (ban) is not about territorial restrictions or using VPNs, this is about preventing systematic money laundering, although I sincerely believe that they are only concerned with the ones destined to finance terrorist activities and marginally and by association, the sale of drugs and oil from sanctioned countries. Do not mistake this for an attack on the average joe that has 4 sats sitting around.

The UK and precisely the City and Canary Warf in London are a gigantic financial centre, particularly if you consider how small is the UK in size and population. Among many other things, "Greater London" - London + its metropolitan area, generates one third of the economic activity of the UK.

A large part of this "success" is due to the Empire, but above all, to the agility with which the UK has managed to become an exceptional receiver of funds from various origings. African dictators, Russian oligarchs, high-class arabs and many other categories that are welcomed with a red carpet and little questioning. Up to there, the government of the UK is happy with all this and its only aim it to keep being the perfect destiny for those investments. Be not mistaken, the Brexit campaigns have not financed by Welsh shepherds, but all the money that wants maximum flexibility and independence from the rules that may come from "Europe".

The problem of all this is when you get a terrorist attack in Paddington Station, at peak commuting hour, and you pull the string to find out that it was financed with money laundered near Bank or Canary Wharf Station. That does hurt, also when George Bush calls you asking why the HSBC is laundering the money used to pay chinesse hackers or why is there a British Bank with large accounts to the name of Mickey Mouse Bin-Laden Pluto.

The financial conduct authority are far from being saints. They are there to see only what is appropriate to see (drug money from Afghanistan bad, drug money from Colombia ok only if it is huge and money from tax evasion in Spain coming through Gibraltar marvellous.

Binance Markets has not been banned for allowing people to buy bitcoin. There is something else there, and it is something that Coinbase has been working around for years. My impression is that Binance cannot copy that overnight because it is not about filling a few forms here and there.