Binance To Halt New UK Customers From Using Crypto Exchange (bloomberg.com) 6
Binance has suspended access to its crypto exchange for new users based in the UK, after a partnership with a third party to approve communications on its platform under new local rules was terminated by the country's watchdog. From a report: Any customers based in the UK not already signed up to Binance's platform were no longer able to join the exchange from 5 p.m. in London on Monday, according to a blog post published by Binance. The move puts the world's largest crypto exchange out of reach for new users in the UK, setting the scene for a battle by Binance to return to one of the sector's biggest markets outside of the US.
The UK's financial promotions regime was widened starting on Oct. 8 to include cryptoasset service providers, regardless of their location. All crypto platforms are now required by the regulator to display clear risk warnings to UK-based consumers and meet higher technical standards, with all communications needing to be approved by an FCA-authorized firm. Penalties for not doing so include being added to the FCA's public warning list, as well as unlimited fines and prison time.
The UK's financial promotions regime was widened starting on Oct. 8 to include cryptoasset service providers, regardless of their location. All crypto platforms are now required by the regulator to display clear risk warnings to UK-based consumers and meet higher technical standards, with all communications needing to be approved by an FCA-authorized firm. Penalties for not doing so include being added to the FCA's public warning list, as well as unlimited fines and prison time.
How about the EU? (Score:2)
Given GDPR, and Binances incredibly intrusive 'KYC' practices, I'd think it was basically incompatible.
I'd doubt very much that Binance operate a sufficiently secure system that the PII they collect is stored securely or handled properly. In fact I'd be surprised if they didn't monetize it.
Re: (Score:2)
What does GDPR have to do with the UK? Didn't they say they were going to revoke that last year?
Re: (Score:2)
What does GDPR have to do with the UK? Didn't they say they were going to revoke that last year?
The GDPR was fortunately, one of the things that was never in doubt. Much of it came from the UK's old Data Protection Act.
A lot of other stupidity came from Brexit so this confusion is understandable.
However this doesn't look (after reading TFS) to be a GDPR violation, rather the 3rd party they're using in the UK fell foul of other rules. Not sure which ones as the Bloomberg article is paywalled. At a guess I'd say it was how financial products are advertised that something like Bitcoin would easily
Re: (Score:2)
What does GDPR have to do with the UK? Didn't they say they were going to revoke that last year?
I did say 'how about the EU' not 'how about the UK'. I know full well that the UK idiotically left the largest trading bloc on the planet and shot itself in the foot economically as a consequence. The UK is run by eccentric toffs who love using tax havens, so nothing is a surprise there.
I'm wondering how Binance is able to do business in the EU, I'd think they'd be banned there already.
excellent news (Score:2)
"puts the world's largest crypto exchange out of reach for new users in the UK" - excellent news for non-criminals in the UK.
Crypto (Score:2)
The trainwreck that keeps crashing!