Can you save with Binance?

naedanger

bogleboogle said:

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. 

But what about offering "savings", the subject of this thread, and which you mentioned earlier: "to the thread topic, you can currently earn 4-5% APY interest on USDT/BUSD on Binance (in 7-30 day lock-up periods)"? Is that a regulated activity?

Or even buying/selling USDT or BUSD? Are they categorised as security tokens and so regulated or not?


Personally I think the key point is that people understand they have no-one in the UK they can turn to if anything goes wrong. And that doesn't just mean in the event of total failure but also if they have any other problems.

bogleboogle

naedanger said:

bogleboogle said:

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. 

But what about offering "savings", the subject of this thread, and which you mentioned earlier: "to the thread topic, you can currently earn 4-5% APY interest on USDT/BUSD on Binance (in 7-30 day lock-up periods)"? Is that a regulated activity?

Or even buying/selling USDT or BUSD? Are they categorised as security tokens and so regulated or not?


Personally I think the key point is that people understand they have no-one in the UK they can turn to if anything goes wrong. And that doesn't just mean in the event of total failure but also if they have any other problems.

My understanding is that exchange tokens, such as BUSD, are not regulated.

I don't think that's news. It's not like Binance were previously falsely misleading people that they were FSCS protected.  

colsten

Not banned ha ha ha ha ha

bogleboogle

colsten said:

Not banned ha ha ha ha ha

The ability to make deposits/withdrawals via Faster Deposits being "suspended for maintenance" means the FCA did in fact, contrary to their own statement, "ban" Binance? 

Incredible level of intellectual dishonesty. 

poppy10_2

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.

Bit of a disingenous statement. Regardless of where they are based, they cannot legally market to UK residents without FCA authorisation. By stating they were planning to continue marketing to UK residents they were basically admitting that they were willing to break the law. Bit of a dodgy company if you ask me. Why would you hand over your money to a company that brags about something like this?