BITCOIN

pbartlett

FCA has banned Binance in the UK.

"Binance, the world's biggest crypto-currency exchange, has been banned by the UK's financial regulator.

The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any "regulated activity" in the UK."

Scottex99

"The FCA spokesperson clarified that the scope of the ban was limited. Though Binance Markets Limited is banned from offering regulated services in Britain, non-registered firms can still interact with U.K. consumers. That means Binance could still offer Brits crypto trading through its website."

Basically derivatives and leverage will be banned, and that was done already last year I think so...no change imo.

Funny how the gov is protecting people from high leverage trading yet I could easily do 5 figures a week on mobile sports betting and casino. Or walk into any casino and blow £30k in 10 mins, if I wanted to.

I've got GBP moving from a UK bank to Binance fairly regularly, let's see if that gets affected at some point

Type_45

Scottex99 said:

Funny how the gov is protecting people from high leverage trading yet I could easily do 5 figures a week on mobile sports betting and casino. Or walk into any casino and blow £30k in 10 mins, if I wanted to.

That's because the government are not protecting ppl from high leverage trading.  They are regulating crypto because they don't like it.  They don't like it because they have no control over it.

The great mistake is to assume that the government is acting to "keep us all safe".  They aren't.  

Scottex99

Of course they aren't, that should be a given.

They have no control over it and can't outright ban it. If they make it so annoying to use, people will just leave and go to Portugal, Gibraltar, Dubai, Miami etc

Type_45

Scottex99 said:

Of course they aren't, that should be a given.

They have no control over it and can't outright ban it. If they make it so annoying to use, people will just leave and go to Portugal, Gibraltar, Dubai, Miami etc

When the digital GPB comes in (Bank of England crypto) cash will be abolished.   The government will then be able to allow you to pay products it wants you to buy, and it can block you from buying products it doesn't want you to buy.

This *conversation is going on right now at government level and is reported in the mainstream press.


*when I say "conversation", I mean that they have already decided that they will do it but they have leaked it to the press just to test public reaction.



So if you think they will allow us to have our own crypto and that we can bypass their control, I have some land in the Everglades you might be intersted in.

Scottex99

Them creating some CBDC doesn't change anything.

I can send 100k USDT to anyone in the world right now with a valid ERC-20 address. They can't stop me. The don't know where my Tether is and if I'm holding it in cold storage, they can do absolutely 0 about it

prowla

pbartlett said:

FCA has banned Binance in the UK.

"Binance, the world's biggest crypto-currency exchange, has been banned by the UK's financial regulator.

The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any "regulated activity" in the UK."

Scottex99 said:

"The FCA spokesperson clarified that the scope of the ban was limited. Though Binance Markets Limited is banned from offering regulated services in Britain, non-registered firms can still interact with U.K. consumers. That means Binance could still offer Brits crypto trading through its website."

Basically derivatives and leverage will be banned, and that was done already last year I think so...no change imo.

Funny how the gov is protecting people from high leverage trading yet I could easily do 5 figures a week on mobile sports betting and casino. Or walk into any casino and blow £30k in 10 mins, if I wanted to.

I've got GBP moving from a UK bank to Binance fairly regularly, let's see if that gets affected at some point

That is nonsensical; the FCA appears to have banned Binance from something it doesn't do anyway:

1. The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any "regulated activity" in the UK.
2. The FCA does not regulate cryptocurrencies.

Huh?

Scottex99

Exactly. Most govs and regulators are clueless, only beaten by the mainstream media who's reporting of it is even worse

Type_45

Scottex99 said:

Exactly. Most govs and regulators are clueless, only beaten by the mainstream media who's reporting of it is even worse

They probably are, to a man, clueless about crypto.  As are the IMF and supra-national bodies etc.

But that's not the point.

The point is that a global, digital currency and monetary system will be replacing what we have now.  And the powers that be want total control of it.

They will tell you that the level of control they crave is for YOUR benefit.  ie, to prevent terrorism, fraud, etc.  But it will end up reaching a lot further than that into your life - controlling how much petrol you buy or journeys you make.


You having your own currency which give you freedom and they can't see what you're up to...  it's at complete odds to the way the world is headed.

Scottex99

Exactly, hence we should all be pro crypto, if only for the tech and the freedom, not just the gains