What Binance Market ban is about

[mu_enrico]

I think that even though there are some difference in each country's policy, would there be some general that every country should follow in terms of protecting the international companies?

If Binance is a company that sells goods, of course they could operate globally more easily. However, they provide financial service or something involves financial products, hence must follow individual requirement of each country.

Also, I think that Binance could pretty much prevent this kind of thing if they try and lobby with this government from each country, they make billions so it's not like they won't have any worries about this plus not all lobbying needs money to do so.

Impossible, they may have money to lobby small countries, but definitely not enough if it involves US, UK, etc.

I hope, governments only issue warning, not outright ban Binance services. The exchange part of Binance is okay IMO, but not the investment, leverage trading, binary trading, etc.

[danherbias07]

Binance, the world’s largest crypto exchange by trading volumes, was set to launch its own digital asset marketplace in Britain. However, it was one of several crypto firms that withdrew applications to register with the FCA due to not meeting anti-money laundering requirements.

I think it's that just simple, they didn't meet the requirements. Maybe they are more strict in their rules than other countries in the world.
CZ should go deep into why they are not letting him make a base in UK.

“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously,” the spokesperson added. “We are actively keeping abreast of changing policies, rules and laws in this new space.”

Yes, that's the right answer. You cannot please them all and the main reason could be the security of their own country. They may not be open now for those kind of things but there will always be change as time flies by. I am still positive they will open their doors as the crypto industry grows.
https://www.cnbc.com/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html

[bryant.coleman]

This is just plain wrong. The governments are committing a big mistake by banning Binance. The users will continue to trade in cryptocurrency and if Binance is not available, then they will simply move to some other platform. And the disadvantage for the government here is that if they move to Dex and P2P platforms, then it will be extremely hard for the authorities to get the details of the users. At least in the case of Binance, KYC is mandatory, in case the user crosses a certain threshold in daily volumes.

[FanEagle]

OP is 100% right, this is not "ban" on binance at all, it is not even a punishment of sorts, it is literally just harder regulations in order to prevent bad people laundering money and that's it. Binance is already working on it and they are going to make a brand new version for UK, they are working with few countries I believe they have it in few places and that is just going to continue down the road with another one for UK as well, that is just the direction they are going, creating local exchanges so that people could withdraw fiat to their bank accounts from binance as well.

So, have one major binance, have a connection with the local binance, and then move money around between them for free and that's it, binance will be able to allow you to both use binance global and also binance local to withdraw fiat or deposit fiat using only binance. This is going to benefit binance more than anyone else.

[jossiel]

shouldnt be cause binance is very clean in his work

The issue lies on Binance and that's why those countries has to ban them. They didn't continue their application and what's needed to be complied by them.

They have strong efforts against AML and that's the most probable action that they have to do to avoid further suspicion that the platform will be used in a dark matter. 

[Golftech]

OP is 100% right, this is not "ban" on binance at all, it is not even a punishment of sorts, it is literally just harder regulations in order to prevent bad people laundering money and that's it. Binance is already working on it and they are going to make a brand new version for UK, they are working with few countries I believe they have it in few places and that is just going to continue down the road with another one for UK as well, that is just the direction they are going, creating local exchanges so that people could withdraw fiat to their bank accounts from binance as well.

So, have one major binance, have a connection with the local binance, and then move money around between them for free and that's it, binance will be able to allow you to both use binance global and also binance local to withdraw fiat or deposit fiat using only binance. This is going to benefit binance more than anyone else.

Money  will continue moving around Binance so for sure the benefits still on their favor, in regards

to this concern, following your statements it drives the whole thing to a much better restrictions,

to avoid being used as medium for those illegal activities they'll provide much better service that

designed for UK.

[sana54210]

This is just plain wrong. The governments are committing a big mistake by banning Binance. The users will continue to trade in cryptocurrency and if Binance is not available, then they will simply move to some other platform. And the disadvantage for the government here is that if they move to Dex and P2P platforms, then it will be extremely hard for the authorities to get the details of the users. At least in the case of Binance, KYC is mandatory, in case the user crosses a certain threshold in daily volumes.

They are not "banning" binance, they are not banning bitcoin or crypto neither, they are just banning certain ways that binance works and that's it, as long as binance changes them (which they are) then there is no problem and there will still be some Binance.co.uk type of website I am sure of it.

I am not saying that we should be looking to applaud these type of stuff coming from nations, it depends on how you approach it and how you see it, I like it but you may not however we should all realize that this is nothing bad for crypto or binance, it is just a bit extensive KYC that is required and that is about it, we already have so much security going on over money laundering fear, a few more steps to take will not be that much of a difficulty. I see a lot of people who are angry over this decision but not know the full scope of things, it is not a bad thing you do not have to be worried.

[dezoel]

There are a lot of reasons as to why the site can get banned, and for sure what you have said here can be part of the reasons why the UK decided to plan a ban on the Binance market. For me I am also thinking that one of the reasons why they got banned is because they don’t meet up with the requirements that the UK needs. Like someone has pointed out, some exchanges don’t have full KYC and some of them do, while some has none at all, they all have different ways that they operate. If the way Binance is operating in UK doesn’t the requirements, then for sure it will be the reason for them getting banned from the country. That’s it for me.

[jaberwock]

This is just plain wrong. The governments are committing a big mistake by banning Binance. The users will continue to trade in cryptocurrency and if Binance is not available, then they will simply move to some other platform. And the disadvantage for the government here is that if they move to Dex and P2P platforms, then it will be extremely hard for the authorities to get the details of the users. At least in the case of Binance, KYC is mandatory, in case the user crosses a certain threshold in daily volumes.

Makes sense but I knew this was going to happen with Binance at some point. I am using Binance for years now and they never asked me for verification which although feels good but raises questions because anyone can launder money quite easily and a 2 BTC daily withdrawal limit is quite enough for almost anyone looking for money laundering.

Recently they asked for my verification and I had no problem completing the process, which was thankfully short and quick. I wonder if Binance was being used as a coin mixer thing where users can mix their coins by depositing money --> exchanging it to another coin or even without converting --> withdraw!

[HaleyOccam]

Absolutely! That's somewhat hypocritic and we see the double standards here. Banning the Binance because it's not part of the FCA under a pretext of not meeting requirements regarding money laundering, while it happens over and over in the country.

But the good thing here is that it's all fixable, unlike in countries with dictatorship, where ban means ban probably forever. All Binance needs to do is to improve this part and when all requirements are met the UK will have to revoke the ban.
And people still can trade in the UK on Binance, so it's not that big of a problem, at least for the crypto users.

"From July 8, 2021, we will stop payments from Santander bank accounts to Binance as much as possible. This follows the recent warning issued by the Financial Conduct Authority (FCA) to consumers to help protect you from Fraud. At this time, we will not restrict withdrawals from Binance to your account. We take this step because we want to do everything we can to protect you and ensure the safety of your funds"

I agree with the author's point of view very much , speaking of the nature of the problem, and this British bank is a private financial services company. If Binance changes from illegal to legal operation, I think it will not abandon the UK market. Although I personally don’t like centralized exchanges, there are too many drawbacks of centralized exchanges, which makes people feel untrustworthy.