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Binance UK: FCA Tries to Look Tough Again

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khinkali

Pro Member
Feb 6, 2020
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#1
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.
 
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#2
"Be wary of adverts online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products," the FCA said.
Click to expand...
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?
 
#5
Seems Binance never had offices in UK and business is operating from Bermuda. They only thing that might be affected is GBP withdraws
 
#6
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 :confused:
 
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#7
Martin Everson said:
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 :confused:
Click to expand...
Which crypto exchange you trust or like or recommend ?
 
#8
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#9
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.
 
#11
azb1 said:
Which crypto exchange you trust or like or recommend ?
Click to expand...
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 ;)
 
#12
wellington said:
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*)...
Click to expand...

I wonder if those Five Eye nations got Binance in their crosshairs nai¤%. They must have some serious intel on what Binance is up to.


P.S Exit Binance while you still can. When net closes on them they will claim they were hacked and dissappear with your crypto like these dudes below smi(&%.

https://www.msn.com/en-us/money/oth...r-along-with-36-billion-in-bitcoin/ar-AALoRAj
 
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#15
Tr0nad0r said:
I mean, who the f gets investigated by the Cayman Islands?
Click to expand...

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 :confused:. No country wants to get in way of US when it comes to financial crime in 2021....lol.
 
#17
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 :oops:.
 
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#18
Martin Everson said:
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 :oops:.
Click to expand...
Here is an illustration of their exit plan:
1625329913918.webp
 
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