Crypto Exchanges vs FCA (What do you think about it?)

[jimsteel]

So recently i saw a few articles specifically about some of biggest crypto exchanges clashing with the Financial Conduct Authority of the UK, does this worry you? Or is it normal as the establishment against crypto? Below are the two articles that I am talking about.


https://beincrypto.com/financial-watchdog-says-bitmex-in-the-uk/

- The United Kingdom’s Financial Conduct Authority (FCA) has reason to believe that BitMEX has been operating without authorization in the region. The popular Bitcoin derivatives trading venue apparently does not have the required licence to operate in Britain.


https://beincrypto.com/top-uk-regulator-issues-warning-about-cryptocurrency-exchange-kraken/

- Kraken has been warned by the Financial Conduct Authority (FCA) of the United Kingdom over its business dealings in the country. The regulatory agency claims they are unauthorized to operate in the United Kingdom.


To be honest i'm a little worried that the UK is hitting those exchanges, these are some of the biggest ones and I'm a big fan of Kraken.

[Marckolind]

So recently i saw a few articles specifically about some of biggest crypto exchanges clashing with the Financial Conduct Authority of the UK, does this worry you? Or is it normal as the establishment against crypto? Below are the two articles that I am talking about.


https://beincrypto.com/financial-watchdog-says-bitmex-in-the-uk/

- The United Kingdom’s Financial Conduct Authority (FCA) has reason to believe that BitMEX has been operating without authorization in the region. The popular Bitcoin derivatives trading venue apparently does not have the required licence to operate in Britain.


https://beincrypto.com/top-uk-regulator-issues-warning-about-cryptocurrency-exchange-kraken/

- Kraken has been warned by the Financial Conduct Authority (FCA) of the United Kingdom over its business dealings in the country. The regulatory agency claims they are unauthorized to operate in the United Kingdom.


To be honest i'm a little worried that the UK is hitting those exchanges, these are some of the biggest ones and I'm a big fan of Kraken.

This is just the beginning man. We'll see WAY more regulation in the future, which is why a LOT of people is starting to speculate on DEX's and their longevity for the future. The volume on most DEX's is pretty bad, but the idea is promising. I've been playing around with a ton of DEX's, but am most excited about Blocknet's DEX, which is by far the most advanced and decentralized one I could find out there.

Stop using centralized exchanges, protect your identity.  

Here's a comparison chart of the most known DEX's:

[bramborakymilenec]

So recently i saw a few articles specifically about some of biggest crypto exchanges clashing with the Financial Conduct Authority of the UK, does this worry you? Or is it normal as the establishment against crypto? Below are the two articles that I am talking about.


https://beincrypto.com/financial-watchdog-says-bitmex-in-the-uk/

- The United Kingdom’s Financial Conduct Authority (FCA) has reason to believe that BitMEX has been operating without authorization in the region. The popular Bitcoin derivatives trading venue apparently does not have the required licence to operate in Britain.


https://beincrypto.com/top-uk-regulator-issues-warning-about-cryptocurrency-exchange-kraken/

- Kraken has been warned by the Financial Conduct Authority (FCA) of the United Kingdom over its business dealings in the country. The regulatory agency claims they are unauthorized to operate in the United Kingdom.


To be honest i'm a little worried that the UK is hitting those exchanges, these are some of the biggest ones and I'm a big fan of Kraken.

I think we will see more of this in the future, clearly banks do not like exchanges as they are struggling to deal with them and make their cut. Nice article though, I'll expect more in the next month hitting other exchanges.

[CaVO32]

Well i think it is a local issue and will be resolved by both these established exchanges if they felt it necessary, i do not know much about Bitmex but i know Kraken is properly registered and licensed in US. So there is nothing to worry about i am confident that all will be sorted out and i am happy that all big and serious crypto exchanges will be registered and licensed atleast in bigger countries.

or more than likely, they are hitting those exchanges because it is a loss revenue for them. we don't know the exact sentiments of this FCA towards them. they need to have an agreement on how to resolve this matter. There will always be crypto exchange that will encounter this kind of trouble especially if the Financial Authorities are not well informed about its nature. but I believe, crypto users will be everywhere, so they better sort out their issues. they are not the first to have that kind of problem.

[bobelr]

I do not buy the idea of exchanges as I don't keep my coins in there except if I need buy and move them asap. I use decentralized non-custodian wallet from https://atomicwallet.io. Many users need to be aware of the existence of this method so stay safe.

[TheClownSong]

The news about FCA is certainly sad in the midst of news from India and South Korea or France that have allowed transactions with cryptocurrency. Britain is one of the countries with the greatest economic value in the world and of course this news will affect the cryptocurrency market but hope the effects of this news are only temporary

[roganite]

I expect this as the regulators are anti crypto as they need to protect traditional investments. They simply do not understand crypto and so brand it all bad.

[masterrex]

How can they operate in the UK without a proper License thats very hard to believe? Bitmex and Kraken are among the popular crypto exchange not just in the region but in the world, I think there is another deep story behind all of this. United Kingdom’s Financial Conduct Authority (FCA) was started to digging a hole against cryptocurrency exchange so what's next? I'm sure it will not good for the crypto industry.

[timmmers]

Another negative news for crypto world, more regulations, more government regulations make it difficult to do business in the industry. That will reduce competition and reduce the quality of services provided by the crypto exchanges. But on the other hand when you think how many new crypto exchanges become successful, you will realize that in most cases they exit scammed before they achieved the goals. 

[cryptowomba]

This is normal, they are always going to challenge the crypto world because they do not understand it and struggle to regulate it.

Like the image as well on the article, will read more articles from BeInCrypto.

[Bububoyeer]

So recently i saw a few articles specifically about some of biggest crypto exchanges clashing with the Financial Conduct Authority of the UK, does this worry you? Or is it normal as the establishment against crypto? Below are the two articles that I am talking about.


https://beincrypto.com/financial-watchdog-says-bitmex-in-the-uk/

- The United Kingdom’s Financial Conduct Authority (FCA) has reason to believe that BitMEX has been operating without authorization in the region. The popular Bitcoin derivatives trading venue apparently does not have the required licence to operate in Britain.


https://beincrypto.com/top-uk-regulator-issues-warning-about-cryptocurrency-exchange-kraken/

- Kraken has been warned by the Financial Conduct Authority (FCA) of the United Kingdom over its business dealings in the country. The regulatory agency claims they are unauthorized to operate in the United Kingdom.


To be honest i'm a little worried that the UK is hitting those exchanges, these are some of the biggest ones and I'm a big fan of Kraken.

I think we will see more of this in the future, clearly banks do not like exchanges as they are struggling to deal with them and make their cut. Nice article though, I'll expect more in the next month hitting other exchanges.

Banks do not like exchanges but I doubt if they can hold against oh for long. Look at what is happening now. My thought is that people now resort to these exchanges to safe keep their financial assets.

[handy_hotdog]

So recently i saw a few articles specifically about some of biggest crypto exchanges clashing with the Financial Conduct Authority of the UK, does this worry you? Or is it normal as the establishment against crypto? Below are the two articles that I am talking about.


https://beincrypto.com/financial-watchdog-says-bitmex-in-the-uk/

- The United Kingdom’s Financial Conduct Authority (FCA) has reason to believe that BitMEX has been operating without authorization in the region. The popular Bitcoin derivatives trading venue apparently does not have the required licence to operate in Britain.


https://beincrypto.com/top-uk-regulator-issues-warning-about-cryptocurrency-exchange-kraken/

- Kraken has been warned by the Financial Conduct Authority (FCA) of the United Kingdom over its business dealings in the country. The regulatory agency claims they are unauthorized to operate in the United Kingdom.


To be honest i'm a little worried that the UK is hitting those exchanges, these are some of the biggest ones and I'm a big fan of Kraken.

They are always against them, so this is expected and not new. Expect more negative press.

I also really like the news outlet the article is written by, I highly recommend their trading telegram channel as it gives free trading advice and it's a nice little community. If anyone is interested, the link to the channel is below.

https://t.me/BeInCryptoCommunity

[disconnectme]

No, I believe these exchanges will always have way around it, as long as people keep making rules there is always a loophole that can be exploited. I believe UK government do not want to kill crypto market because they see it has a potential fintech industry that can grow very huge

[beetlejam]

So recently i saw a few articles specifically about some of biggest crypto exchanges clashing with the Financial Conduct Authority of the UK, does this worry you? Or is it normal as the establishment against crypto? Below are the two articles that I am talking about.


https://beincrypto.com/financial-watchdog-says-bitmex-in-the-uk/

- The United Kingdom’s Financial Conduct Authority (FCA) has reason to believe that BitMEX has been operating without authorization in the region. The popular Bitcoin derivatives trading venue apparently does not have the required licence to operate in Britain.


https://beincrypto.com/top-uk-regulator-issues-warning-about-cryptocurrency-exchange-kraken/

- Kraken has been warned by the Financial Conduct Authority (FCA) of the United Kingdom over its business dealings in the country. The regulatory agency claims they are unauthorized to operate in the United Kingdom.


To be honest i'm a little worried that the UK is hitting those exchanges, these are some of the biggest ones and I'm a big fan of Kraken.

Expect these to continue, we all know that the main financial sector is very anti crypto.

[iloveturtles]

This is expected from the non crypto world, until it becomes too big, they will not accept it and insult it.

Bitmex and Kraken are more legitimate than plenty of companies in the UK.

[ATSgrowth]

It could be a problem, due to covid-19 disease exchanges have problem to provide all services, so I do not understand why FCA come with this now, this could cause a problem with enough liquidity.

[Danslip]

It could be a problem, due to covid-19 disease exchanges have problem to provide all services, so I do not understand why FCA come with this now, this could cause a problem with enough liquidity.

COVID-19 pandemic will be bad for gaining liquidity too but applying the regulatory terms now will have the different consequences. FCA has suspended E-payments and this decision has affected strictly to the DSC- global UK based exchange.

[bittick]

This is expected from the non crypto world, until it becomes too big, they will not accept it and insult it.

Bitmex and Kraken are more legitimate than plenty of companies in the UK.

This case is the same as the cases that happened with exchange sites in US too. SEC was also insulting so many exchange sites but SEC never tried to create an official announcement to declare if exchange site has already violated some rules. The result will always be the same as nothing happen in the future.