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Binance halts deposits and withdrawals for customers in the UK
- zhte415 4y agoDidn't Binance have their UK operations curtailed some time ago? https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group https://www.fca.org.uk/news/news-stories/consumer-warning-bi... > Binance Markets Limited is not permitted to undertake any regulated activity in the UK. Year: 2021
- crypt1d 4y agoRegulated activity here refers to futures and options trading, which was indeed unavailable on Binance for UK residents for a while now. Spot trading is a different story.
- LatteLazy 4y agoNo, they're withdrawing it, in 9 weeks from now.
- lvass 4y agohttps://archive.is/NfYwM https://archive.is/NfYwM
- ginja 4y agoIt's paywalled for me. Are UK customers' funds SAFU?
- rabf 4y agoTheir uk banking partner for faster payments is withdrawing from there relationship with binance in May. Wire transfers unaffected. Continuation of operation chokepoint.
- anonymouskimmer 4y agoThis other link works for me. https://www.ibtimes.com/binance-announces-suspension-uk-deposits-withdrawals-after-losing-partner-bank-3676667 https://www.ibtimes.com/binance-announces-suspension-uk-depo... "Starting Monday afternoon, new users will no longer be able to open accounts with GBP deposits on the platform. "We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP flat services, namely deposits and withdrawals via Faster Payments and card, to Binance users," the email read. The suspension of GBP deposits and withdrawals will commence on May 22 and those who make any GBP deposits after that day will be refunded within seven working days, according to Binance." I believe the acronym is SNAFU, not SAFU. :P
- capableweb 4y ago> I believe the acronym is SNAFU, not SAFU. :P Different acronym :) > Secure Asset Fund for Users > A monetary fund created by the Binance exchange that holds 10% of all trading fees to indemnify customers in case the exchange is hacked. The term "safu" is also used to imply safe.
- anonymouskimmer 4y agoI didn't know about that. I wonder how much money and/or tokens this is, in what amounts, and whether Binance can prove it (separate from other funds).
- latchkey 4y agoIt is literally the first result in google. The wallet addresses are linked on this page: https://academy.binance.com/en/glossary/secure-asset-fund-for-users https://academy.binance.com/en/glossary/secure-asset-fund-fo...
- capableweb 4y agoHow can we be sure that what's in those wallets is 10% of what it should be rather than 1%? AFAIK, none of the documents from Binance are public, especially regarding their finances.
- deleted 4y ago[deleted]
- VHRanger 4y agoCrypto: Going from banking the unbanked to unbanking the banked!
- GalenErso 4y agoThe crypto industry has basically done a speed run of the history of banking and finance over the last decade or so. But the safeguards and regulations that governments put in place for money are mostly absent for crypto. It should remain this way. I want to see how far crypto can go without government regulations and protections.
- mschuster91 4y ago> I want to see how far crypto can go without government regulations and protections. We have seen enough of that: one rug-pull and scam after the other. Governments are stepping in with crypto precisely because of all the scams.
- reedjosh 4y agoBoy that BTC rug pull really hurt. I'm still totally reeling from the XMR rug pull. Oh, wait... Just because many are scams, doesn't mean there are no principled crypto currencies. God forbid one should have to perform due diligence and actually think a bit about their currency.
- nradov 4y agoPrinciples are irrelevant in this space. The only thing that matters is actual laws enforced by people with guns.
- reedjosh 4y agoBTC and Monero were built to resist laws made by people with guns. There were other attempts at digital currency before BTC, but they were all taken down by people with guns. That's kinda the whole point. That's why BTC uses energy. It's a means of resistance to people with guns.
- ar9av 4y agoFunny how Kraken/Nexo/Coinbase etc can still manage to maintain sterling deposits and comply with the regulators. I like Binance, but they dropped the ball in the UK market.
- joosters 4y agoHave Binance decided to let anyone know where their headquarters are yet? Or is it still top secret?
- ur-whale 4y ago> headquarters What does it mean to "have a headquarter" in 2023?
- mytailorisrich 4y agoA company is a legal entity with registration and address (even if that is not necessarily the address of their actual office). At least in some jurisdictions it is actually mandatory to have this info on the company's website so that people can know who they are doing business with and also where to serve legal documents. Any website that goes to some effort not to disclose anything has to raise a massive red flag.
- ratg13 4y agoI can only imagine that bitcoin and cryptocurrencies have somehow given people the impression that laws and taxes are optional. I mean, they are optional, if you are thief or criminal, but perhaps I've given the answer away.
- ur-whale 4y agoThe point I was trying to make is that a company's "headquarters" means nothing other than the place they're incorporated. That "place of incorporation" is a very fluid thing, as it can be changed very quickly to adapt to changing regulations and optimize for rapid changes in the business ecosystem a company operates in. And therefore: it doesn't mean much. What really matters is: - the company's assets financial and non-financial and what jurisdiction has sway over them. - the people who control the company and what jurisdiction has sway over them - the company's customers and what jurisdiction has sway over them In 2023, the people controlling the company may be very mobile as CP has amply demonstrated, the assets can be very hard to control (damn near impossible if crypto, and still quite hard if cash and cash-like). Where the headquarter actually is is IMO of precious little importance.
- throwaway4good 4y agoThe biggest crypto firm in the world; yet banned from a long list of countries. Who are their customers?
- joyfylbanana 4y agoPeople who can use VPN
- sealeck 4y agoCriminals.
- onlyrealcuzzo 4y agoWash traders.
- nailer 4y agoPeople outside the UK: Binance broke UK law by selling OTC crypto derivatives after they were made illegal. This is why British people see all those “did you use Binance product X after Y date?” ads online. There's a bunch of people taking legal action against Binance UK.
- TebiObiZA 4y agoWhat are OTC crypto derivates? How do they work?
- nailer 4y agoOTC derivates is selling derivates (not direct instruments like tokens or equities or real estate, but rather instruments whose value is derived from a combination of a base instrument and other features, like an expiration date or a target price) to regular people over the counter (OTC). Derivatives are way more volatile than base instruments, and since crypto is already volatile as a base instrument, crypto derivates are VERY volatile.
- ClapperHeid 4y agoBinance have always been shady as fuck. So this doesn't surprise me. I withdrew what little I had deposited there a couple of years back, ater they started their AML/KYC bullshit, to do practically anything on their site.
- garbagecoder 4y agoFew understand.
- MagicMoonlight 4y agoCryptocurrency is just an attempt by fraudsters to repeat all of the previous scams on a brand new banking system. It turns out there’s actually a reason we have so many laws.
- reocha 4y agoUnsurprisingly these regulations exist for a reason.
- ssnistfajen 4y agoCrypto bros looked at the Free Banking Era of the U.S. and unironically thought that would be great to live through. Unsurprisingly they are the exact demographic who would fantasize that era of the United States as a good time to live in.
- sschueller 4y agoYes, what crypto doesn't have that fiat has is the government bailing them out when you convinced them that you are not system relevant and gamble to a point of failure just to then be considered system relevant. /s
- mrguyorama 4y agoYou are just purposely ignoring the DAO then, or everything tether does
- HN_is_for_gemes 4y agoWhat's the scam? I've used Bitcoin once a week at least since 2013. I put a lot of my hard earned money into it back then, it went up, and for the last 5-6 years when I need a little extra cash for a car, girlfriends mortgage payment, vacation, etc. I sell a little BCH or buy stuff on Amazon through https://Purse.io https://Purse.io at a 10-25% discount, plus the buyers usually have Prime so I don't even have a use for a Prime subscription anymore :) Who did I scam? Bitcoin is digital cash, nothing more nothing less. If someone hurt you using a digital currency I'm sorry but don't take it out on the very concept of digitizing money.
- andrewstuart 4y agoAnyone who loses substantial money via crypto exchange collapse really has no one to blame but themselves. The string of collapses until now have been warning enough. No crying if you lose your money when the next one goes pop.
- psychlops 4y agoTo be fair, most people today are incapable of understanding or entertaining an alternative to what they've been told.
- tus666 4y agoWatching the global financial/banking system crash is sort of scary.