Binance Isn’t Allowed to be Operating in the UK, Watchdog Warns

[HAL1000]

https://uk.finance.yahoo.com/news/binance-isn-t-allowed-operating-023818212.html

Also on Friday, Japan’s financial regulator warned that Binance is operating in that country without permission.

If you are using Binance in the UK please keep this mind.

https://news.bitcoin.com/nexo-sued-liquidation-xrp-sec-ripple-lawsuit/

I doubt this will happen in Binance's case, but it's still something to keep in mind, keeping big money on exchanges can be dangerous, from the article linked above:-

Crypto lending firm Nexo is facing a class-action lawsuit filed by an XRP investor for “unlawfully” suspending the use of the cryptocurrency as collateral without giving notice to clients and subsequently liquidating the tokens. This happened following the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple and its executives.

Also keep ALL the things below in mind, THE MAN IS COMING FOR ALL OF US, properly in October.

 

Edited June 27, 2021 by HAL1000

[Danny]

Binance Markets Limited is not permitted to undertake any regulated activity in the UK (https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group). Binance UK is - not really unexpectedly - coming soon though (https://www.binance.co.uk/). 




 

Edited June 27, 2021 by Danny

[GrayFox]

Just to clarify. This is not a blanket ban on Binance operating within the UK. This is a ban on Binance offering regulated products such as derivates, CFD, options etc which falls under the umbrella of the FCA. In the UK the FCA is a bit strict on institutions selling that stuff to average consumers due to the risks involved in the name of investor protection as it would require to have some compensation scheme. Cryptos are not yet regulated as they're still new hence why Binance can continue to offer crypto trading but the remaining financial products can pretty much slot into existing regulations which Binance requires a license to offer those products.

[HAL1000]

The FCA has told Binance that by June 30 it must display a notice stating "BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK" on its website and social media channels.

It must also secure and preserve all records relating to UK consumers and inform the FCA this has been done by July 2.

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

Japan's regulator said on June 25 that Binance was operating in the country illegally, a notice posted on Japan's Financial Services Agency website showed.

Last month, Bloomberg reported that officials from the U.S. Justice Department and Internal Revenue Service who probe money laundering and tax offences had sought information from individuals with insight into Binance's business. read more

In April, Germany's financial regulator BaFin said the exchange risked being fined for offering digital tokens without an investor prospectus. read more

Edited June 28, 2021 by HAL1000

[mistatee2000]

As of this morning no more GBP deposits or withdrawals with Binance. The governments around the world are really looking to tighten regs on exchanges with the biggest impact falling on retail investors.

[Danny]

The Financial Conduct Authority in the United Kingdom has asked us to issue the following statement. In the interests of clarity, we are happy to do so.

Binance.com is a platform providing various products and services to global customers. Some of these products and services are regulated outside the UK, while others are not. Binance Markets Limited is a UK based company which has not yet carried on any business. BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITIES IN THE UK.

Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. (No other entity related to Binance.com, other than Binance Markets Limited, holds any form of UK authorisation, registration or license to conduct regulated activity in the UK). Such authorisation, registration or license is not required for unregulated activities.

As a result, the imposition of the FCA’s requirements does not change any arrangements with users that use the products and services provided through www.binance.com. Accordingly, as requested by the FCA, Binance Markets Limited will obtain the FCA’s prior consent before launching its business and carrying on any regulated activities.

Source: https://www.binance.co.uk/