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Binance told to cease regulated activities

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  • 27-06-2021 12:22pm
    #1
    JTMan
    Registered Users Posts: 5,537 ✭✭✭


    https://twitter.com/adamsamson/status/1409095893089980422
    The FCA also this weekend issued a consumer warning against both the Cayman Islands-registered Binance holdings company and Binance Markets Limited, a London-based affiliate that is controlled by chief executive Changpeng Zhao and is overseen by the UK regulator.

    “Binance Markets Limited is not permitted to undertake any regulated activity in the UK,” the FCA said, adding, “no other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”


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    #2
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Directly from the regulator mouth: https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

    Now the questions is: what does "regulated activity" mean in this context?

    But in any case I think Binance needs to up their game in terms of the clarity of their corporate structure and regulatory compliance. They are playing a dangerous game trying to be nowhere and everywhere with a web of inter-related different entities in different countries whereby it is hard to tell which one you are dealing with, where it is based, and which regulator it is answering to. Of course regulators don't like this but I don't think it is good for their users either.


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    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Binance is a shady bucketshop exchange, and you have to be aware that not only are your funds not SAFU, but there's a distinct possibility that a HODLR will lose everything. Binance Smart Chain is the premier platform for building rug pulls; the internet is filled with reports of user not being able to withdraw or sell their coins, it wash trades and front trades against its owner customers; its ownership structures are unclear, and it operates an elaborate structure to avoid any regulatory oversight; it's the biggest user of ticking timebomb Tether, and CZ is a dead-eyed creep.


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    #4
    KilOit
    Registered Users Posts: 2,983 ✭✭✭KilOit


    Deleted User wrote: »
    Binance is a shady bucketshop exchange, and you have to be aware that not only are your funds not SAFU, but there's a distinct possibility that a HODLR will lose everything. Binance Smart Chain is the premier platform for building rug pulls; the internet is filled with reports of user not being able to withdraw or sell their coins, it wash trades and front trades against its owner customers; its ownership structures are unclear, and it operates an elaborate structure to avoid any regulatory oversight; it's the biggest user of ticking timebomb Tether, and CZ is a dead-eyed creep.
    I think one day Binance will fall and bring about a crypto winter.


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    #5
    joeguevara
    Registered Users Posts: 7,995 ✭✭✭joeguevara


    Bob24 wrote: »
    Directly from the regulator mouth: https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

    Now the questions is? what does "regulated activity" mean in this context?

    But in any case I think Binance needs to up their game in terms of the clarity of their corporate structure and regulatory compliance. They are playing a dangerous game trying to be nowhere and everywhere with a web of inter-related different entities in different countries whereby it is hard to tell which one you are dealing with, where it is based, and which regulator it is answering to. Of course regulators don't like this but I don't think it is good for their users either.

    This is a bit of a specialism for me. Your question about regulated activities is pertinent. Crypto per se is not regulated but advising arranging or offering to arrange on crypto derivatives is. Options, futures and perpetual would require a MiFID ii authorisation if provided in the UK. As far as I’m aware Binance has an authorisation in the UK but maintains that they are not using it at present.

    It becomes a huge headache if UK customers are reverse solicitation their services in the Cayman. Watching this with interest.


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    #6
    Bacchus
    Registered Users Posts: 4,699 ✭✭✭Bacchus


    I've got a good few coins on Binance (ROSE, ETH, MATIC, OCEAN... couple of others). What's the best thing to do here. Not my keys, not my money springs to mind and if Binance's future is uncertain, I'd like to protect my investments. Can all of those be just transferred to my Trust Wallet, or are only some supported?


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    #7
    shawki
    Registered Users Posts: 661 ✭✭✭shawki


    Bacchus wrote: »
    I've got a good few coins on Binance (ROSE, ETH, MATIC, OCEAN... couple of others). What's the best thing to do here. Not my keys, not my money springs to mind and if Binance's future is uncertain, I'd like to protect my investments. Can all of those be just transferred to my Trust Wallet, or are only some supported?

    I use Bitpie Wallet for ROSE, averaging just over 14% staking.

    Oasis are launching their own wallet soon enough though.


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    #8
    SnuggyBear
    Registered Users Posts: 965 ✭✭✭SnuggyBear


    Bacchus wrote: »
    I've got a good few coins on Binance (ROSE, ETH, MATIC, OCEAN... couple of others). What's the best thing to do here. Not my keys, not my money springs to mind and if Binance's future is uncertain, I'd like to protect my investments. Can all of those be just transferred to my Trust Wallet, or are only some supported?

    Don't binance own trust wallet? How safe are software wallets?


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    #9
    jester77
    Registered Users Posts: 11,262 ✭✭✭✭jester77


    The only thing I have on their exchange are BNB. I was expecting them to nose dive but they have actually increased. Not sure if they are worth holding onto now. I bought a bunch way at the start when they were worth very little, never used for anything other than transactions. Would be a nice profit to just cash them in, but binance is a decent exchange.


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    #10
    joeguevara
    Registered Users Posts: 7,995 ✭✭✭joeguevara


    SEC, Japanese regulator and now FCA have all publicly warned Binance and issued a ban based on lack of authorisation. On the face of it, it means very little to Binance and they will continue as usual.

    However scratch under the surface and the issues and downtime are increasing exponentially. First I came across them was a major hacking attempt a few years ago. But the internationalinvestigation for AML has far reaching impact. Firstly, AML Legislation has no borders. It can seize assets and immediately close a firm.

    India, US and UK are only a taster of the investigators. UK police seized assets. https://www.nasdaq.com/articles/uk-police-seize-cryptocurrency-worth-almost-%24160m-in-money-laundering-probe-2021-06-24?amp

    It doesn’t look good.


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    #11
    timeToLive
    Registered Users Posts: 283 ✭✭timeToLive


    so we should move off binance asap?


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    #12
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    timeToLive wrote: »
    so we should move off binance asap?

    Breaking news in the UK:

    https://www.ft.com/content/2d427ed7-f9e4-46cf-a4c4-46429b19df5d

    Form an orderly queue folks.


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    #13
    Timmaay
    Registered Users Posts: 11,394 ✭✭✭✭Timmaay


    Earn Over 50% APY Risk-Free with Binance Locked Staking.

    Email from Binance tonight. How can a 50% roi be risk free, I'm definitely not buying that. I withdrew whatever euros I had in Binance without too much grief just there at least also. Have usdt which I'll lob in a different wallet also. I got too badly burnt during the peer2peer lending crash last march to risk this sh1t all over again haha.


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