Can you save with Binance?

Belludog

A lot of headline scaremongering about this Binance ruling. To quote the article linked above:

Binance said the FCA notice would have no "direct impact" on the services it provides from its website Binance.com.

Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell crypto-currencies.

steampowered

A return of 6% is perfectly possible. You can achieve that by investing in a bog standard medium risk investment fund.

Much easier and safer than whatever Binance is offering. 

Of course, you are taking risk that your investment will fluctuate up and down from time to time. Don't fool yourself into thinking that a 6% return is possible with zero risk.

colsten

Belludog said:

A lot of headline scaremongering about this Binance ruling. To quote the article linked above:

Binance said the FCA notice would have no "direct impact" on the services it provides from its website Binance.com.

Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell crypto-currencies.

No scaremongering whatsoever. Just plain factual reporting. 

Goes without saying that people are free to ignore the FCA position and take 100% of the risk themselves. Unsurprisingly, Binance aren't pointing this out in their statement.

Brie

bogleboogle said:

Speedster2 said:

Scottex99 said:

Biggest exchange in the whole industry, so yeah I know what they do and know the risks

https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87

Binance and it's subsidiaries banned from any operations in the UK.

This is false. One subsidiary (BML) was banned by the FCA from undertaking any "regulated activity" - e.g. futures and options contracts. 

Binance have clarified:

And you believe a company that has been reported as being banned?  The news I heard was that no one would be able to invest via Binance in the UK.  Which they also admitted might mean that you might be able to invest through them via a non UK website. 

But for me that is just too many red flags.

bogleboogle

Brie said:

bogleboogle said:

Speedster2 said:

Scottex99 said:

Biggest exchange in the whole industry, so yeah I know what they do and know the risks

https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87

Binance and it's subsidiaries banned from any operations in the UK.

This is false. One subsidiary (BML) was banned by the FCA from undertaking any "regulated activity" - e.g. futures and options contracts. 

Binance have clarified:

And you believe a company that has been reported as being banned?  The news I heard was that no one would be able to invest via Binance in the UK.  Which they also admitted might mean that you might be able to invest through them via a non UK website. 

But for me that is just too many red flags.

I read the FCA statement for myself and they have not been "banned".  The "news" you have heard is wrong. 

bogleboogle

colsten said:

Belludog said:

A lot of headline scaremongering about this Binance ruling. To quote the article linked above:

Binance said the FCA notice would have no "direct impact" on the services it provides from its website Binance.com.

Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell crypto-currencies.

No scaremongering whatsoever. Just plain factual reporting. 

Goes without saying that people are free to ignore the FCA position and take 100% of the risk themselves. Unsurprisingly, Binance aren't pointing this out in their statement.

Headlines claiming that Binance has been banned are patently false, or misleading at best.

colsten

bogleboogle said:

colsten said:

Belludog said:

A lot of headline scaremongering about this Binance ruling. To quote the article linked above:

Binance said the FCA notice would have no "direct impact" on the services it provides from its website Binance.com.

Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell crypto-currencies.

No scaremongering whatsoever. Just plain factual reporting. 

Goes without saying that people are free to ignore the FCA position and take 100% of the risk themselves. Unsurprisingly, Binance aren't pointing this out in their statement.

Headlines claiming that Binance has been banned are patently false, or misleading at best.

Not being authorised by the FCA equates to a ban

naedanger

bogleboogle said:

colsten said:

Belludog said:

A lot of headline scaremongering about this Binance ruling. To quote the article linked above:

Binance said the FCA notice would have no "direct impact" on the services it provides from its website Binance.com.

Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell crypto-currencies.

No scaremongering whatsoever. Just plain factual reporting. 

Goes without saying that people are free to ignore the FCA position and take 100% of the risk themselves. Unsurprisingly, Binance aren't pointing this out in their statement.

Headlines claiming that Binance has been banned are patently false, or misleading at best.

Link to FCA statement so others can read and decide what exactly it says for themselves:

https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group


[My interpretation is don't expect any FCA or other UK regulatory protection if you deal with any part of Binance because either the business is unregulated or, in the case of regulated business, because none of the Binance Group is UK registered.]

bogleboogle

colsten said:

bogleboogle said:

colsten said:

Belludog said:

A lot of headline scaremongering about this Binance ruling. To quote the article linked above:

Binance said the FCA notice would have no "direct impact" on the services it provides from its website Binance.com.

Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell crypto-currencies.

No scaremongering whatsoever. Just plain factual reporting. 

Goes without saying that people are free to ignore the FCA position and take 100% of the risk themselves. Unsurprisingly, Binance aren't pointing this out in their statement.

Headlines claiming that Binance has been banned are patently false, or misleading at best.

Not being authorised by the FCA equates to a ban

That's quite obviously a ludicrous statement.  They were not authorised prior to the FCA announcement; so what changed as a result of the FCA announcement to now render them "banned"?  

bogleboogle

naedanger said:

Link to FCA statement so others can read and decide what exactly it says for themselves:

https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group


[My interpretation is don't expect any FCA or other UK regulatory protection if you deal with any part of Binance because either the business is unregulated or, in the case of regulated business, because none of the Binance Group is UK registered.]

I agree with your interpretation; but that is plainly not a "ban". 

The statement itself:

"Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group).

Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.

While we don’t regulate cryptoassets like Bitcoin or Ether, we do regulate certain cryptoasset derivatives (such as futures contracts, contracts for difference and options), as well as those cryptoassets we would consider ‘securities’" 

The statement itself makes clear that spot trading of cryptoassets such as Bitcoin and Ether is not regulated, and thus, by simple inference, it's clear that this is not affected by the FCA's statement.  Therefore, there is no "ban" of Binance, only a warning statement that Binance is not permitted to undertake regulated activity in the UK without FCA consent, such as futures or options trading.