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Binance UK: FCA Tries to Look Tough Again

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khinkali

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https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group
https://decrypt.co/74608/binance-not-permitted-to-operate-in-the-uk-british-financial-watchdog
Does this matter? Is it a nail in the coffin of Brexit Britain, supposedly outwardly looking? FCA already crippled Wirex UK and is losing confidence as a 21st century regulator.

My view: Either go back to what some people here call EUSSR, or look forward to a more heterogenous future where currencies are not only controlled by a very few nation states and business will thrive in a more open environment. Not that my view carries any weight. I don't trust them. I left.
 
Well, lucky for OCT members‍ with at least half a brain we weren't buying OneCoin anyway.

Given that promotion of⁠ crypto derivatives were already banned to UK retail investors and that spot exchange seems unaffected⁤ by the recent hot air, am I right to assume that the new "dramatic intervention"⁣ is nothing but fluff and bluster?

Or did this dramatic press release have any substance⁢ at all?
 
They act like Binance is a small bank in some small country that they can‌ suffocate. Binance is in many places. I believe that Binance will continue to exist long‍ after these current politicians have been moved onto other pastures.
 
Seems Binance never had offices in UK and business is operating from Bermuda. They only‌ thing that might be affected is GBP withdraws
 
UK will soon be on phone to its British Overseas Territory i.e Cayman Islands and‌ asking them why they are hosting Binance HQ smi(&%.

But seriously I think it was‍ right move by UK. Doesn't really change anything for Binance on ground for now. However⁠ it will tarnish Binance reputation in financial circles and may limit other regulators willing to⁤ work with them.

Best to avoid Binance altogether and not keep anything on there 😕
 
Trust is a strong word you can trust nothing in crypto world ns2. But I‍ have used godex.io and it has proved faultless so far fingers crossed nai¤%.
 
Just falling in line with the US, UK after Brexit will fall more in line‌ with the US, like Aus, Cad, (*NZ going to China*)...

See the things that have‍ already happened, all data for UK citizens is now accessible by the US under the⁠ cloud act, SEC has direct access outside of MLAT to nose around UK companies etc.⁤
 
None. Maybe your best bet are kraken, coinbase or some of the swiss crypto banks,‍ depending on your passport/residency.
So in absense of trust, you'd best limit exposure and dependence⁠ on one particular service and spread over 10-20 such that each position is just about⁤ 5-10%.
Same applies for banks who want to kyc/compliance you to a slow death by⁣ burying you with paperwork 😉
 
When you have an exchange that pisses of the USA thats bad news. Its‍ the financial equivalent of Afghanistan giving sanctuary to Osama Bin Laden....and we all know how⁠ that ended for Afghanistan 😕. No country wants to get in way of US when⁤ it comes to financial crime in 2021....lol.
 
Wonder what Binance exit plan is if they cant find a stable home? Maybe pretend‌ they were hacked and make a run for it with all the customer crypto smi(&%. That Africrypt exchange in South Africa ran by a 20yr old kid allegedly did just‍ that and made away with $3.6bn 😳.
 
It doesn't look like Binance wants you to withdraw your monies... which leads to doubt‌ if they even have the monies to begin with
 
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