13 ms·

> While the FCA does not regulate crypto-currencies, it does regulate cryptoassets. Firms must be authorised [...]to advertise or sell such products in the UK.

by n_ary 5y ago

> While the FCA does not regulate crypto-currencies, it does regulate cryptoassets. Firms must be authorised [...]to advertise or sell such products in the UK. > This means that people in the UK are not allowed to use Binance's services to speculate, or bet > However, they are still allowed to use the website to purchase and sell crypto-currencies, which is not regulated So, all is well, just don't bet, speculate. Just buy and sell?

ipnon 5y ago
Binance offers a variety of derivatives, synthetics and even user created tokens. The cynical take is that crypto threatens the City of London's monopoly on products like these.
- d4rti 5y ago
  The more rational take is that the FCA is acting to protect UK citizens from potentially dangerous financial products from an unauthorized organisation.
  - botwriter 5y ago
    ah good old nanny state, Although knowing the city of London its probably a protection racket!!!
  - meowkit 5y ago
    Can you describe how these financial products are “dangerous”? Because they could be rug pulls? I disagree that citizens need to be “protected” from speculation. Governments should monitor markets and go after scammers when they act, not shut down the markets entirely.
    - consp 5y ago
      I guess your assumption is people know what they are doing. Looking at legal bank products with derivates and who got into other speculative products in the past decades most people didn't see they were being manipulated into buying a product for which the risks where greater than they could afford. This is a different stance from the America libertarian view of "everyone is responsible for their own actions" mostly because the balance of power is greatly in favour of the companies.
      - meowkit 5y ago
        > I guess your assumption is people know what they are doing. My assumption is most people do not know what they are doing when it comes to trading equities or derivatives. There are other solutions to your concerns - namely required training explaining risks, an approval process, and not allowing derivatives to be recommended by platforms. Outright bans come from ulterior motives or incompetence. My stance is not what you have presented. If I had to briefly summarize my stance: let people make reasoned decisions for themselves, and provide safeguards to mitigate the most common accidents.
      - 3np 5y ago
        Notable that US legislation does not take this “America libertarian view”. Like how a huge class of investments are not legally accessible to anyone who’s not an “accredited investor”, with requirements such as 1M$ net worth.
    - MikeDelta 5y ago
      The problem is not speculation or market risk, but leverage. Say you covert 1000 USD into BTC, and you can convert back without costs. If BTC goes up 100%, you should be able to get back 2000 USD. If BTC goes to 0, you get zero. Leverage is 1 as your return relates 1:1 to the return on BTC. Now let's look at leverage, say we take a leverage of 100 (not a crazy amount). This means that your return in USD goes 100x the return in BTC, so if BTC goes up 1% you earn 100% (and walk away with 2000 USD). It also means that if BTC goes down 1%, you lose everything. The other thing is that if you have insufficient margin, the venue close down your position by putting it on the market. If BTC has a short dip and quickly recovers, the venue will have closed down your position at the point where you lost your margin (all your money). This can be exactly the -1%, but depends on the market and the liquidity. If BTC will go up 10% but does so in a noisy way, you might be right but the venue could have closed down your position the moment BTC touched -1% during the random movements. Eveb worse, say that BTC drops 10% in a very rapid move because of some tough news and panic. The venue puts the orders to sell your position at the -1% mark but because of lack of liquidity these orders get filled at -10% and your loss becomes 10.000 USD. Even if BTC recovers quickly, you keep your loss because the position is closed. That is the problem. So, in a nutshell, with unleveraged investing you can lose everything, but with leveraged investing you can end up in serious debt.
      - csomar 5y ago
        > Eveb worse, say that BTC drops 10% in a very rapid move because of some tough news and panic. The venue puts the orders to sell your position at the -1% mark but because of lack of liquidity these orders get filled at -10% and your loss becomes 10.000 USD. Even if BTC recovers quickly, you keep your loss because the position is closed. That is the problem. Losses in the Crypto world are limited to the amount of capital you put in a certain position. This has the side effect of (maybe) not collecting the full amount on the up-side. Pretty much all exchanges do this, since it's almost impossible to go after individuals when they go bankrupt. Now the popular derivatives frameworks have sizable insurance funds for such events; but clawbacks are a thing in the crypto world.
    - Symbiote 5y ago
      Look at something like https://cashasap.co.uk/ https://cashasap.co.uk/ "WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk" "Representative Example: £250 loan for 3 months at a fixed interest rate of 290% pa. Total amount payable is £321.51" Or at https://www.ig.com/uk/spread-betting https://www.ig.com/uk/spread-betting "71% of retail investor accounts lose money when trading spread bets and CFDs with this provider." Or even https://www.vanguardinvestor.co.uk/investing-explained/investment-account-types https://www.vanguardinvestor.co.uk/investing-explained/inves... "Please remember that the value of investments can go down as well as up and you may get back less than you invest." It's the opinion of British society that citizens _do_ need to be protected in this way.
      - celticninja 5y ago
        > It's the opinion of British society that citizens _do_ need to be protected in this way. I would replace 'protected' with 'warned'. You can still do it but as long as you have been informed correctly beforehand then you are taking a risk with the knowledge it could go tits up.
  - FreeSpeech 5y ago
    It's coronation disguised as regulation. Casinos and fruit machines are moral, but crypto is not?
    - headmelted 5y ago
      Not going to speak on the FCA’s motives but this is a pretty easy ruling for them to defend. If as the article states the exchange itself is promising certain returns then it doesn’t comply with the law and absolutely is breaking the rules. Financial products in the UK (and most other markets) can’t advertise any returns that aren’t guaranteed without pretty clear and specifically worded disclaimers. The FCA isn’t singling anyone out in applying this rule here that I can see. As per usual, the upshot here is that most crypto holders still think these are all new concepts and don’t realise that the rules are based on hundreds of years of experiences and consequences.
      - ipnon 5y ago
        I 100% agree with you that the regulators have the legal advantage here but I am less convinced of the public benefit. The popularity of Binance must indicate some demand for the product.
        Qworg 5y ago
        There are many popular things that are not in the public benefit, usually things that have socialized losses and indeterminate assignation of costs.
        AndrewDucker 5y ago
        Of course there's demand for returns that are higher than the norm! But unless they can guarantee those returns they're acting fraudulently. "There's demand for my perpetual motion machine!" is not a good argument.
        celticninja 5y ago
        They are only acting fraudulently if they say those returns are guaranteed and then dont guarantee them. AFAIK there was no claims that returns are guaranteed. What they have said is Binance cant offer regulated offerings such as derivatives and options, for which a licence from the FCA is required. Those licenses are given out easily enough to places like plus500 wc. They are essentially gambling, you dont buy securities/assets/stocks/currencies you just bet on price movements of those items.
  - lowkey 5y ago
    I think you may have just restated GP’s comment in Newspeak as explained by a banker from the City of London /s
  - dig1 5y ago
    Yet, they allow spread betting and CFDs, which are considered not less dangerous and are banned in many countries.
    - xwolfi 5y ago
      So Binance can just register normally
  - oarsinsync 5y ago
    > The more rational take is that the FCA is acting to protect UK citizens from potentially dangerous financial products from an unauthorized organisation. The keyword in your statement is 'unauthorised'. The FCA rarely acts to protect UK citizens from potentially dangerous financial products from authorised regulations. The last time I'm aware of, to ensure that retail gamblers cannot lose more than they stake in highly leveraged bets, was pushed through by ESMA, not the FCA. EDIT: added the post I was responding to, to add context.
    - mytailorisrich 5y ago
      > The FCA rarely acts to protect UK citizens from potentially dangerous financial products from authorised regulations. The job of the FCA, and of regulations in general, is not to shield people from risk and losses, it's to prevent scams and to make sure people are informed of the rules and of the risks. Basically the law is not there to prevent people from making bad decisions, it's there to ensure that they can make informed decisions.
      - makomk 5y ago
        The whole reason that regulators had to step in was that companies absolutely were pushing these kind of complex, high-risk non-cryptocurrency financial products to ordinary consumers that didn't understand how they worked as a way to make money fast, through ads in mainstream places like YouTube.
        oarsinsync 5y ago
        Or on the front of football players shirts, in the form of sponsorships.
    - mschuster91 5y ago
      > The last time I'm aware of, to ensure that retail gamblers cannot lose more than they stake in highly leveraged bets, was pushed through by ESMA, not the FCA. Same here in Germany. We don't have access to US-style stonk options, to the great frustration of people seeing US redditors making bank with GameStop while all we had was hodl'ing the stock itself.
  - csomar 5y ago
    > FCA is acting to protect UK citizens More like protect their position as regulator. The UK (London) is home to many CFD exchanges which are more scammy (almost 100% scammy) compared to Binance (which is a legitimate exchange that happens to be dangerous to use if you don't know what you are doing).
    - helsinkiandrew 5y ago
      > that happens to be dangerous to use if you don't know what you are doing Exactly, Binance was heavily advertising on London Transport to people who probably don't know what they were doing: https://news.bitcoin.com/uk-bans-time-to-buy-bitcoin-ads-buses-underground/ https://news.bitcoin.com/uk-bans-time-to-buy-bitcoin-ads-bus...
      - d4rti 5y ago
        And on YouTube targeting the UK market.
  - dna_polymerase 5y ago
    That would be the least plausible explanation of these events.
- xwolfi 5y ago
  I think if Binance did all the same paperwork and processes as any other banks then it d be fine and the city would welcome them with open arms.
- calpaterson 5y ago
  This is transparent nonsense because there is absolutely no overlap between the medium or large-sized business that wants to buy derivatives from JP Morgan and the retail investors who want to buy bitcoin. Are Rolls Royce (turbine manufacturer and part-time hedge fund) about to start buying forex derivatives from Binance? Seriously, seriously doubt it.
JWoolfenden 5y ago
Yeah, failing to comply with the FCA is a bold move for sure.
- belter 5y ago
  Ignoring regulations did not seem to hurt AirBnb, Uber or Facebook...
  - Kbelicius 5y ago
    None of those are regulated by FCA.
    - sillysaurusx 5y ago
      I love that there's a real-life entity equivalent to DS9's FCA. https://www.youtube.com/watch?v=ousIWGfGJ2E&ab_channel=April5%2C2063 https://www.youtube.com/watch?v=ousIWGfGJ2E&ab_channel=April... This whole time I was like, "Wow, people here are talking about the FCA the way Americans talk about the SEC. But... Where have I heard of the FCA before?" Had no idea it was a real thing. (Or that companies should be as terrified of them as they are in the show.)
  - emouryto 5y ago
    Bravo! I wonder what these 3 companies have in common?
    - belter 5y ago
      These have in common that much of their initial growth occurred by regulatory capture or ignoring existing regulations. Its ok if you are a host...Terrible if your building has been taken over by Airbnb guests. But of course they are just a platform....Not an enabler.
ghalvatzakis 5y ago
> This means that people in the UK are not allowed to use Binance's services to speculate, or bet What will happen to the people that already bought such assets?
- celticninja 5y ago
  You can still buy them and sell them. What you can't do is use leverage to bet on changes in the price as, for example, you can on https://www.plus500.co.uk/ https://www.plus500.co.uk/ Or any other number of Forex sites. These sites usually come with a warning that most users lose money. That you can lose more money than you have staked is the issue, but (I am assuming) the larger possible swings with crypto mean that both the upside and downside is even greater than with traditional fiat currency trading.
rjknight 5y ago
The distinction here is between buying and selling Bitcoin, and buying and selling contracts for difference or spread betting on Bitcoin’s price movements. The latter is more tightly regulated, as it can result in much larger gains or losses, including losses greater than the staked amount.
- shoshino 5y ago
  Spreadbetting is tax-free in the UK and the FCA banned spreadbetting on bitcoin last year. IG, CMC and CityIndex all closed out client positions and delisted all crypto pairs.
- adevx 5y ago
  "including losses greater than the staked amount" I don't think this is true. Binance will happily liquidate you well in advance of a possible negative balance.
  - _fat_santa 5y ago
    I was going to say, while technically there is the risk of loosing more than your stake, practically speaking you will be margin called long before that happens.
    - shapefrog 5y ago
      Ahh yes, I remember when people used to say that about trading in the trillion dollar a day foreign exchange markets. Then people lost 5 times their margin in the blink of an eye.
Zenst 5y ago
The crux really is the FCA raising a red flag so people who wouldn't normally think will maybe think before buying into the latest `invest in crypto` advert that have become widespread and the latest FOTM(flavour of the month). The other aspect for the FCA doing this, will be to curtail calls etc by those who get burned and go running to the FCA who can point out they told you so and it is nothing they can do as not under their remit. But yes, binance operates outside the UK (Cayman islands - which for me is always a red flag for anything finance), so the net effect upon operation will be zero. However, marketing wise - the foundations have been laid. One upshot of all this I hope is that web adverts (including youtube etc) may have to filter out these crypto investment ones and see UK residence not see any of them. Least that is my dream hope from this.
shoshino 5y ago
>> This means that people in the UK are not allowed to use Binance's services to speculate, or bet >> However, they are still allowed to use the website to purchase and sell crypto-currencies, which is not regulated These statements have since been removed from the article, because they're incorrect.
deleted 5y ago
[deleted]

by n_ary 5y ago

ipnon 5y ago

Binance offers a variety of derivatives, synthetics and even user created tokens. The cynical take is that crypto threatens the City of London's monopoly on products like these.

d4rti 5y ago
The more rational take is that the FCA is acting to protect UK citizens from potentially dangerous financial products from an unauthorized organisation.
- botwriter 5y ago
  ah good old nanny state, Although knowing the city of London its probably a protection racket!!!
- meowkit 5y ago
  Can you describe how these financial products are “dangerous”? Because they could be rug pulls? I disagree that citizens need to be “protected” from speculation. Governments should monitor markets and go after scammers when they act, not shut down the markets entirely.
  - consp 5y ago
    I guess your assumption is people know what they are doing. Looking at legal bank products with derivates and who got into other speculative products in the past decades most people didn't see they were being manipulated into buying a product for which the risks where greater than they could afford. This is a different stance from the America libertarian view of "everyone is responsible for their own actions" mostly because the balance of power is greatly in favour of the companies.
    - meowkit 5y ago
      > I guess your assumption is people know what they are doing. My assumption is most people do not know what they are doing when it comes to trading equities or derivatives. There are other solutions to your concerns - namely required training explaining risks, an approval process, and not allowing derivatives to be recommended by platforms. Outright bans come from ulterior motives or incompetence. My stance is not what you have presented. If I had to briefly summarize my stance: let people make reasoned decisions for themselves, and provide safeguards to mitigate the most common accidents.
    - 3np 5y ago
      Notable that US legislation does not take this “America libertarian view”. Like how a huge class of investments are not legally accessible to anyone who’s not an “accredited investor”, with requirements such as 1M$ net worth.
  - MikeDelta 5y ago
    The problem is not speculation or market risk, but leverage. Say you covert 1000 USD into BTC, and you can convert back without costs. If BTC goes up 100%, you should be able to get back 2000 USD. If BTC goes to 0, you get zero. Leverage is 1 as your return relates 1:1 to the return on BTC. Now let's look at leverage, say we take a leverage of 100 (not a crazy amount). This means that your return in USD goes 100x the return in BTC, so if BTC goes up 1% you earn 100% (and walk away with 2000 USD). It also means that if BTC goes down 1%, you lose everything. The other thing is that if you have insufficient margin, the venue close down your position by putting it on the market. If BTC has a short dip and quickly recovers, the venue will have closed down your position at the point where you lost your margin (all your money). This can be exactly the -1%, but depends on the market and the liquidity. If BTC will go up 10% but does so in a noisy way, you might be right but the venue could have closed down your position the moment BTC touched -1% during the random movements. Eveb worse, say that BTC drops 10% in a very rapid move because of some tough news and panic. The venue puts the orders to sell your position at the -1% mark but because of lack of liquidity these orders get filled at -10% and your loss becomes 10.000 USD. Even if BTC recovers quickly, you keep your loss because the position is closed. That is the problem. So, in a nutshell, with unleveraged investing you can lose everything, but with leveraged investing you can end up in serious debt.
    - csomar 5y ago
      > Eveb worse, say that BTC drops 10% in a very rapid move because of some tough news and panic. The venue puts the orders to sell your position at the -1% mark but because of lack of liquidity these orders get filled at -10% and your loss becomes 10.000 USD. Even if BTC recovers quickly, you keep your loss because the position is closed. That is the problem. Losses in the Crypto world are limited to the amount of capital you put in a certain position. This has the side effect of (maybe) not collecting the full amount on the up-side. Pretty much all exchanges do this, since it's almost impossible to go after individuals when they go bankrupt. Now the popular derivatives frameworks have sizable insurance funds for such events; but clawbacks are a thing in the crypto world.
  - Symbiote 5y ago
    Look at something like https://cashasap.co.uk/ https://cashasap.co.uk/ "WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk" "Representative Example: £250 loan for 3 months at a fixed interest rate of 290% pa. Total amount payable is £321.51" Or at https://www.ig.com/uk/spread-betting https://www.ig.com/uk/spread-betting "71% of retail investor accounts lose money when trading spread bets and CFDs with this provider." Or even https://www.vanguardinvestor.co.uk/investing-explained/investment-account-types https://www.vanguardinvestor.co.uk/investing-explained/inves... "Please remember that the value of investments can go down as well as up and you may get back less than you invest." It's the opinion of British society that citizens _do_ need to be protected in this way.
    - celticninja 5y ago
      > It's the opinion of British society that citizens _do_ need to be protected in this way. I would replace 'protected' with 'warned'. You can still do it but as long as you have been informed correctly beforehand then you are taking a risk with the knowledge it could go tits up.
- FreeSpeech 5y ago
  It's coronation disguised as regulation. Casinos and fruit machines are moral, but crypto is not?
  - headmelted 5y ago
    Not going to speak on the FCA’s motives but this is a pretty easy ruling for them to defend. If as the article states the exchange itself is promising certain returns then it doesn’t comply with the law and absolutely is breaking the rules. Financial products in the UK (and most other markets) can’t advertise any returns that aren’t guaranteed without pretty clear and specifically worded disclaimers. The FCA isn’t singling anyone out in applying this rule here that I can see. As per usual, the upshot here is that most crypto holders still think these are all new concepts and don’t realise that the rules are based on hundreds of years of experiences and consequences.
    - ipnon 5y ago
      I 100% agree with you that the regulators have the legal advantage here but I am less convinced of the public benefit. The popularity of Binance must indicate some demand for the product.
      - Qworg 5y ago
        There are many popular things that are not in the public benefit, usually things that have socialized losses and indeterminate assignation of costs.
      - AndrewDucker 5y ago
        Of course there's demand for returns that are higher than the norm! But unless they can guarantee those returns they're acting fraudulently. "There's demand for my perpetual motion machine!" is not a good argument.
        celticninja 5y ago
        They are only acting fraudulently if they say those returns are guaranteed and then dont guarantee them. AFAIK there was no claims that returns are guaranteed. What they have said is Binance cant offer regulated offerings such as derivatives and options, for which a licence from the FCA is required. Those licenses are given out easily enough to places like plus500 wc. They are essentially gambling, you dont buy securities/assets/stocks/currencies you just bet on price movements of those items.
- lowkey 5y ago
  I think you may have just restated GP’s comment in Newspeak as explained by a banker from the City of London /s
- dig1 5y ago
  Yet, they allow spread betting and CFDs, which are considered not less dangerous and are banned in many countries.
  - xwolfi 5y ago
    So Binance can just register normally
- oarsinsync 5y ago
  > The more rational take is that the FCA is acting to protect UK citizens from potentially dangerous financial products from an unauthorized organisation. The keyword in your statement is 'unauthorised'. The FCA rarely acts to protect UK citizens from potentially dangerous financial products from authorised regulations. The last time I'm aware of, to ensure that retail gamblers cannot lose more than they stake in highly leveraged bets, was pushed through by ESMA, not the FCA. EDIT: added the post I was responding to, to add context.
  - mytailorisrich 5y ago
    > The FCA rarely acts to protect UK citizens from potentially dangerous financial products from authorised regulations. The job of the FCA, and of regulations in general, is not to shield people from risk and losses, it's to prevent scams and to make sure people are informed of the rules and of the risks. Basically the law is not there to prevent people from making bad decisions, it's there to ensure that they can make informed decisions.
    - makomk 5y ago
      The whole reason that regulators had to step in was that companies absolutely were pushing these kind of complex, high-risk non-cryptocurrency financial products to ordinary consumers that didn't understand how they worked as a way to make money fast, through ads in mainstream places like YouTube.
      - oarsinsync 5y ago
        Or on the front of football players shirts, in the form of sponsorships.
  - mschuster91 5y ago
    > The last time I'm aware of, to ensure that retail gamblers cannot lose more than they stake in highly leveraged bets, was pushed through by ESMA, not the FCA. Same here in Germany. We don't have access to US-style stonk options, to the great frustration of people seeing US redditors making bank with GameStop while all we had was hodl'ing the stock itself.
- csomar 5y ago
  > FCA is acting to protect UK citizens More like protect their position as regulator. The UK (London) is home to many CFD exchanges which are more scammy (almost 100% scammy) compared to Binance (which is a legitimate exchange that happens to be dangerous to use if you don't know what you are doing).
  - helsinkiandrew 5y ago
    > that happens to be dangerous to use if you don't know what you are doing Exactly, Binance was heavily advertising on London Transport to people who probably don't know what they were doing: https://news.bitcoin.com/uk-bans-time-to-buy-bitcoin-ads-buses-underground/ https://news.bitcoin.com/uk-bans-time-to-buy-bitcoin-ads-bus...
    - d4rti 5y ago
      And on YouTube targeting the UK market.
- dna_polymerase 5y ago
  That would be the least plausible explanation of these events.
xwolfi 5y ago
I think if Binance did all the same paperwork and processes as any other banks then it d be fine and the city would welcome them with open arms.
calpaterson 5y ago
This is transparent nonsense because there is absolutely no overlap between the medium or large-sized business that wants to buy derivatives from JP Morgan and the retail investors who want to buy bitcoin. Are Rolls Royce (turbine manufacturer and part-time hedge fund) about to start buying forex derivatives from Binance? Seriously, seriously doubt it.

JWoolfenden 5y ago

Yeah, failing to comply with the FCA is a bold move for sure.

belter 5y ago
Ignoring regulations did not seem to hurt AirBnb, Uber or Facebook...
- Kbelicius 5y ago
  None of those are regulated by FCA.
  - sillysaurusx 5y ago
    I love that there's a real-life entity equivalent to DS9's FCA. https://www.youtube.com/watch?v=ousIWGfGJ2E&ab_channel=April5%2C2063 https://www.youtube.com/watch?v=ousIWGfGJ2E&ab_channel=April... This whole time I was like, "Wow, people here are talking about the FCA the way Americans talk about the SEC. But... Where have I heard of the FCA before?" Had no idea it was a real thing. (Or that companies should be as terrified of them as they are in the show.)
- emouryto 5y ago
  Bravo! I wonder what these 3 companies have in common?
  - belter 5y ago
    These have in common that much of their initial growth occurred by regulatory capture or ignoring existing regulations. Its ok if you are a host...Terrible if your building has been taken over by Airbnb guests. But of course they are just a platform....Not an enabler.

ghalvatzakis 5y ago

> This means that people in the UK are not allowed to use Binance's services to speculate, or bet What will happen to the people that already bought such assets?

celticninja 5y ago
You can still buy them and sell them. What you can't do is use leverage to bet on changes in the price as, for example, you can on https://www.plus500.co.uk/ https://www.plus500.co.uk/ Or any other number of Forex sites. These sites usually come with a warning that most users lose money. That you can lose more money than you have staked is the issue, but (I am assuming) the larger possible swings with crypto mean that both the upside and downside is even greater than with traditional fiat currency trading.

rjknight 5y ago

The distinction here is between buying and selling Bitcoin, and buying and selling contracts for difference or spread betting on Bitcoin’s price movements. The latter is more tightly regulated, as it can result in much larger gains or losses, including losses greater than the staked amount.

shoshino 5y ago
Spreadbetting is tax-free in the UK and the FCA banned spreadbetting on bitcoin last year. IG, CMC and CityIndex all closed out client positions and delisted all crypto pairs.
adevx 5y ago
"including losses greater than the staked amount" I don't think this is true. Binance will happily liquidate you well in advance of a possible negative balance.
- _fat_santa 5y ago
  I was going to say, while technically there is the risk of loosing more than your stake, practically speaking you will be margin called long before that happens.
  - shapefrog 5y ago
    Ahh yes, I remember when people used to say that about trading in the trillion dollar a day foreign exchange markets. Then people lost 5 times their margin in the blink of an eye.

Zenst 5y ago

The crux really is the FCA raising a red flag so people who wouldn't normally think will maybe think before buying into the latest `invest in crypto` advert that have become widespread and the latest FOTM(flavour of the month). The other aspect for the FCA doing this, will be to curtail calls etc by those who get burned and go running to the FCA who can point out they told you so and it is nothing they can do as not under their remit. But yes, binance operates outside the UK (Cayman islands - which for me is always a red flag for anything finance), so the net effect upon operation will be zero. However, marketing wise - the foundations have been laid. One upshot of all this I hope is that web adverts (including youtube etc) may have to filter out these crypto investment ones and see UK residence not see any of them. Least that is my dream hope from this.

shoshino 5y ago

>> This means that people in the UK are not allowed to use Binance's services to speculate, or bet >> However, they are still allowed to use the website to purchase and sell crypto-currencies, which is not regulated These statements have since been removed from the article, because they're incorrect.

deleted 5y ago

[deleted]