Preempt the massive MSM FUD today about "UK bans Bitcoin/Crypto/Binance!"... its not...
...It's only de FCA...
...talking only about Binance...
...and talking only about crypto securities and derivatives from Binance.
Edit: Apparently, it is just the futures element as it's regulated in the UK. They might have to set up a binance UK-specific version. Let's hope its not like the US version.
> Binance is not banned in UK
> You can still spot trade cryptocurrency
> FCA issue applies to futures trading only as that is a regulated activity
> It's straightforward.
> -Binance cannot engage in regulated activities (derivatives, certain types of lending, etc.)
> -Binance can still engage in the unregulated aspects of the crypto market, for now.
> That's really all there is to it in the immediate sense, but it's also a framework that means, should the UK decide to regulate cryptocurrency, this decision would make the business of cryptocurrency immediately illegal for Binance and any other crypto related business that receives the same warning.
> This could obviously be changed as part of the regulation, but the main purpose of this particular action is to protect consumers from the predatory nature of Binance's track record. This was a smart move to let dishonest exchanges know that they will be held in check.
> People against protective regulations fail to understand that actual mass adoption won't happen without them, and it may not happen with them.
FUD loaded articles coming today
> "Financial watchdog "bans" crypto exchange Binance from UK"
> The UK’s financial watchdog has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges.
> The intervention by the Financial Conduct Authority in recent days is one of the ...
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