A message from my bank saying they will not allow me to purchase from Binance

[Cryptoshops]

 I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

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[stomachgrowls]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

Even here on my country where certain banks doesnt really allow Binance transactions specially when i do load up but since in this country where crypto is still on the neutral side there are still banks
whom do really accept these kind of transactions.

For sure Binance will surely lost lot of revenue on UK and  they are aware on that and they might really already had the plans about that FCA regulated.

We dont know on whats their plan into their minds but for sure it would be most likely into their consideration.

[jossiel]

It is ok, they have anticipated that there will be a massive loss of revenue from the UK region.

Although it's Binance that's being favored and loved by most traders, you still have a lot of choices to trade if your bank won't allow you to use their service to go through Binance.

[dimonstration]

Atleast there is a notice before they ban or stop you from using Binance there will be time to check or use other exchanges. There are some bank who just lock or closed accounts because of crypto transactions without notice and will to provide details of a transaction. This is why its hard to still use bank when were crypto some transaction seems doubt when it comes to bank.

[Vatimins]

     Indeed, since there is also a good number of people in the uk that are into this industry. Even my friend there sent me a screenshot of the text message saying that "As you've made a payment to Binance this year, we wanted to let you know that we're stopping payments made by credit/debit card to them until further notice. This is to help keep your money safe. For further info, please search FCA Binance online. We're sorry for any disruption this may cause you. Your Barclays team." Now looking at the message, I just can't help but to sympathize and be mad about it just as much as my friend since if their only purpose is keeping my friend's funds safe, this should be done just by a couple of warnings and confirmations and letting the owner of the money the right to really decide for himself what ye wants to do with his money regardless of the risks. Since it is his own money and not anyone else's. :/

[cheezcarls]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

UK has been cracking down on cryptocurrencies since the past few months. As a result, most of the banks are not allowing crypto-related transactions whether buying, selling or converting to fiat. However, I do believe that Binance could negotiate with the regulators later on instead of getting banned for good.

The good thing about your topic is that the bank was informing you about it instead of an automatic closure of your bank account.

[crzy]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

There are some banks that do not allow this kind of transactions, you can actually do the P2P where you’ll just transfer the money to another person and you can now own cryptocurrency. Debit/credit card from the banks are restricted as well in my country, but i don’t mind because P2P still allows me to buy. That regulation wont hurt Binance that much, that is just temporary.

[Cryptoshops]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

There are some banks that do not allow this kind of transactions, you can actually do the P2P where you’ll just transfer the money to another person and you can now own cryptocurrency. Debit/credit card from the banks are restricted as well in my country, but i don’t mind because P2P still allows me to buy. That regulation wont hurt Binance that much, that is just temporary.

My bank does allow Coinbase transactions as they are FCA compliant here in the UK. I have sent my bank a message and  they have replied back and given me the option of making a complaint. The FCA said that they can not stop people in the UK from using or trading on  the Binance.com website as its not in the UK jurisdiction so have no idea why they are quoting the FCA to stop people from buying on the Binance.com website. The FCA banned the London based company which was purchased by Binance and are not FCA regulated, They did not ban the Binance.com website as they  have no power over it.  I think its pretty scary when banks can now tell you what you can and cant spend your money on when you have mainstream trading by banks themselves which carry risk just like crypto trading does.

[jaysabi]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

UK has been cracking down on cryptocurrencies since the past few months. As a result, most of the banks are not allowing crypto-related transactions whether buying, selling or converting to fiat. However, I do believe that Binance could negotiate with the regulators later on instead of getting banned for good.

The good thing about your topic is that the bank was informing you about it instead of an automatic closure of your bank account.

I think all Binance would need to do is become FCA compliant, there is no negotiation involved. You either abide by the financial laws in the jurisdictions you operate in, or you get banned. There's really no reason not to comply.

[Cryptoshops]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

UK has been cracking down on cryptocurrencies since the past few months. As a result, most of the banks are not allowing crypto-related transactions whether buying, selling or converting to fiat. However, I do believe that Binance could negotiate with the regulators later on instead of getting banned for good.

The good thing about your topic is that the bank was informing you about it instead of an automatic closure of your bank account.

I think all Binance would need to do is become FCA compliant, there is no negotiation involved. You either abide by the financial laws in the jurisdictions you operate in, or you get banned. There's really no reason not to comply.

Binance.com does not fall under UK FCA  regulations because they are not based here in the UK  They are based in the Caymen Islands. The FCA have already stated that they can not stop people in the UK  from trading on the site. They were talking about  Binance company called Binance Markets Limited which is based here in the UK. "The FCA said Binance’s UK subsidiary – Binance Markets Limited – is not currently permitted to “undertake any regulated activities without the prior written consent of the FCA”.

So the FCA’s latest move isn’t entirely significant in this context. It is, in effect, merely enforcing an existing ban. But while Binance Markets Limited is banned from offering regulated services in Britain, non-registered firms can still engage with UK consumers to provide unregulated services – such as buying and selling cryptocurrencies. In order words, Binance can still offer UK-based investors crypto trading via its website."

 Now the banks are saying we can not use Binance.com  because of the FCA which is wrong.

[Nunoluck]

I think this problem will affect the market. I really don't like if government get involved to much in cryptocurrency. If government don't accept bitcoin as a currency then I think there is no reason to ban cryptocurrency. I hope this is just temporary. I think you still can deposit with help of trusted members here, you can ask them to deposit using their bank account and you only need to transfer to them. A long time ago I can't convert my cryptocurrency to fiat and vice versa but I asked help from trusted member here.

[Ucy]

Well, I actually expect centralized exchanges to subjected to fair rules of the countries they operate in. I would be suspicious of exchanges that are centralized but not subjected to the good laws of the countries they get their customers from...
An exchange has to be well decentralized with fair rules for me to take it seriously. It has to avoid relying too much on centralized services/infrastructures ,by the way.

[Lorence.xD]

It is ok, they have anticipated that there will be a massive loss of revenue from the UK region.

Although it's Binance that's being favored and loved by most traders, you still have a lot of choices to trade if your bank won't allow you to use their service to go through Binance.

I disagree that it's going to be alright because that's still a loss no matter how you look at it, isn't UK region a big market for Binance to just let it go that fast and easy and also, are they planning to become legitimate in UK so they can finally get out of the ban?

[jrrsparkles]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

Maybe Binance team is working on their side to bring Binance.uk? just my assumption lol.

Until the issue resolve, the users can use the p2p trading platforms for fiat conversion or other exchanges which is allowing after accepting the regulations of FCA.

[electronicash]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

Maybe Binance team is working on their side to bring Binance.uk? just my assumption lol.

Until the issue resolve, the users can use the p2p trading platforms for fiat conversion or other exchanges which is allowing after accepting the regulations of FCA.

its possible for binance.uk. whatever the laws of UK they will comply for them to make business again. it's not just binance is going to lose money. their banks will also lose revenue. is it just binance or other UK base exchanges as well?

they still can't stop people from buying and selling cryptocurrency, they know this so its just a matter of time, it will be restored.

[Haunebu]

Honestly, it seems like your bank is over-reacting here without understanding what is actually banned properly. Based on my research, you should still be able to access cryptocurrencies on Binance without any issues.

https://www.google.com/amp/s/www.cnbc.com/amp/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html

They are enforcing an existing ban on derivatives(Not the cryptocurrencies themselves). Completely understandable move in my opinion.

[jrrsparkles]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

Maybe Binance team is working on their side to bring Binance.uk? just my assumption lol.

Until the issue resolve, the users can use the p2p trading platforms for fiat conversion or other exchanges which is allowing after accepting the regulations of FCA.

its possible for binance.uk. whatever the laws of UK they will comply for them to make business again. it's not just binance is going to lose money. their banks will also lose revenue. is it just binance or other UK base exchanges as well?

they still can't stop people from buying and selling cryptocurrency, they know this so its just a matter of time, it will be restored.

Banks are not going to face much losses, only the Binance will get the huge impact whenever bank needs money they will get it from their central banks so having money is actually not a problem but they don't want their people to make such amount of money from the platforms which doesn't undergoes their policies. UK is trying to prove they also have same power against binance like US.

[ziennakarishma21]

In my country I don't accept BTC, actually every transaction I still have to be afraid of, but this year it seems that the government has gradually accepted BTC, and the ban on trading that supports BTC in binance. Not supporting binance for the UK will lose a lot of revenue from this country and I think this should be a suggestion for them to consider because not supporting exchange from UK is very inconvenient for you to buy and sell on binance exchange like now.

[oHnK]

About Binance, not only in the UK but also in my country the platform has been banned for long time because they dont have any legitimate. My country's financial services authorities have asked Binance lawyers for the legality of their platform but so far they have not been heeded.  It's only natural that until now Binance is also having problems in my country.  However, I can still trade on Binance with transfers between exchanges and this is not a problem at all.

[Hydrogen]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

https://www.binance.co.uk/

Binance is currently applying for FCA approval which will be incorporated into its UK website (link posted above).

Services should become available once regulatory terms are met.

Source:  https://twitter.com/binance/status/1409229417415680008

I'm surprised at the crackdown on the part of the UK. There has been so much negative publicity and capital flight with UK finance post #brexit. I thought they'd jump at the chance at expanding business through deregulated crypto.

[stompix]

Binance is currently applying for FCA approval which will be incorporated into its UK website (link posted above).

Binance has withdrawn its application, so there is nothing coming out of that.

Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA,” a spokesperson for the FCA told CNBC. “The action taken today on Binance Markets Limited has been in train for some time.”

Binance has never in the last past years gone through acquiring a license, that's their modus operandi and I'm surprised people really believe they will try it this time for real.

The FCA said that they can not stop people in the UK from using or trading on  the Binance.com website as its not in the UK jurisdiction so have no idea why they are quoting the FCA to stop people from buying on the Binance.com website. The FCA banned the London based company which was purchased by Binance and are not FCA regulated, They did not ban the Binance.com website as they  have no power over it. 

Why is that so complicated?
The FCA can't stop you from gambling on an illegal site in Bartovia, nor can it shut it down since it's in another jurisdiction.
That doesn't mean the FCA can't enforce a banking ban on all banks registered in the UK preventing them to deal with that website.

Yes, you can access that website, you can deposit bitcoins you can do whatever you like but when you chose to deposit or withdraw through a bank you must comply with the UK regulations and those say it simple! Don't do it or we will block your transfer! And as you can see this is what's happening.

[Hydrogen]

Binance is currently applying for FCA approval which will be incorporated into its UK website (link posted above).

Binance has withdrawn its application, so there is nothing coming out of that.

Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA,” a spokesperson for the FCA told CNBC. “The action taken today on Binance Markets Limited has been in train for some time.”

Binance has never in the last past years gone through acquiring a license, that's their modus operandi and I'm surprised people really believe they will try it this time for real.

If coinbase operates in the UK with no regulatory troubles.

There should be no reason binance can't do the same.

There's more to this story than is being told on the surface.

Binance has its UK subdomain up and running:  https://www.binance.co.uk/

Which makes it appear they intend to comply with FCA regulations at some point.

The media went overboard claiming the UK "banned" binance. But that is not what the official announcement said at all.

It was merely stated that binance was not "currently permitted" to operate in the UK. There was never anything mentioned about a permanent ban.

[stompix]

If coinbase operates in the UK with no regulatory troubles.

....is because they have a license:
https://help.coinbase.com/en/coinbase/other-topics/legal-policies/e-money-license

Coinbase received an E-Money License from the United Kingdom (UK) Financial Conduct Authority (FCA) and we updated our User Agreement to reflect our new e-money services. For existing customers, the updated User Agreement is effective on March 21, 2018.

https://www.coinbase.com/legal/user_agreement/payments_europe

CB Payments, Ltd (also trading as Coinbase) is regulated by the UK Financial Conduct Authority.

There should be no reason binance can't do the same.

Binance doesn't have one!

Binance has its UK subdomain up and running:  https://www.binance.co.uk/

Setting up a domain means zero. They could set up one for China or NK, what value does it hold?

It was merely stated that binance was not "currently permitted" to operate in the UK. There was never anything mentioned about a permanent ban.

Yeah, you're banned until your ban is lifted, If you don't get a license to lift your ban you're banned till you get one!
If they don't plan on ever getting one the ban will be permanent!

[el kaka22]

Eventually Binance will be back in UK, they are already working on making it back with a new thing. I do not know what the name will be but it will be something similar like binance.co.uk or whatever and they will have another website where everything will be catering to UK laws and that way they will continue to do that, with a connection to real binance as well where you can send money between those two binances without spending any tx fee neither, it will be quite easy.

So long story short this is going to be no issue in the long run. Let the nations decide on what they want to do with crypto because it is not easy to just say you are ready and support as a whole government, it takes time and some laws and regulations to be able to support places like binance, you can't just let them do whatever they want without any regulations so this is understandable and can be fixed by binance quite easily.

[Cryptoshops]

Binance is currently applying for FCA approval which will be incorporated into its UK website (link posted above).

Binance has withdrawn its application, so there is nothing coming out of that.

Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA,” a spokesperson for the FCA told CNBC. “The action taken today on Binance Markets Limited has been in train for some time.”

Binance has never in the last past years gone through acquiring a license, that's their modus operandi and I'm surprised people really believe they will try it this time for real.

The FCA said that they can not stop people in the UK from using or trading on  the Binance.com website as its not in the UK jurisdiction so have no idea why they are quoting the FCA to stop people from buying on the Binance.com website. The FCA banned the London based company which was purchased by Binance and are not FCA regulated, They did not ban the Binance.com website as they  have no power over it. 

Why is that so complicated?
The FCA can't stop you from gambling on an illegal site in Bartovia, nor can it shut it down since it's in another jurisdiction.
That doesn't mean the FCA can't enforce a banking ban on all banks registered in the UK preventing them to deal with that website.

Yes, you can access that website, you can deposit bitcoins you can do whatever you like but when you chose to deposit or withdraw through a bank you must comply with the UK regulations and those say it simple! Don't do it or we will block your transfer! And as you can see this is what's happening.

Its not complicated at all because the FCA have said they can not stop UK residents from " trading or buying and selling of crypto"  on Binance . com   but a few of the Banks here in the UK are using the FCA website link which states it was about the London based  Binance Markets Limited company and not Binance. com   

What is hard to understand that the few banks which are using the FCA as an excuse to stop people from buying and selling are wrong , Now if I was trading on the London based Binance market company which is not  FCA regulated then I would totally understand. I am allowed to trade stocks and shares in the US or other countries without any problems and non of them are FCA regulated because they are not in the UK ...  Now do you understand ...

[jossiel]

It is ok, they have anticipated that there will be a massive loss of revenue from the UK region.

Although it's Binance that's being favored and loved by most traders, you still have a lot of choices to trade if your bank won't allow you to use their service to go through Binance.

I disagree that it's going to be alright because that's still a loss no matter how you look at it, isn't UK region a big market for Binance to just let it go that fast and easy and also, are they planning to become legitimate in UK so they can finally get out of the ban?

It is a big market but Binance is the one that did the cause. They don't comply from what's being asked so that sums up that they've anticipated already the loss on their part with that move.

If they didn't ignored the notice and compliance, they won't be banned and they will still be good to operate within UKs jurisdiction.

[CaVO32]

It is ok, they have anticipated that there will be a massive loss of revenue from the UK region.

Although it's Binance that's being favored and loved by most traders, you still have a lot of choices to trade if your bank won't allow you to use their service to go through Binance.

I disagree that it's going to be alright because that's still a loss no matter how you look at it, isn't UK region a big market for Binance to just let it go that fast and easy and also, are they planning to become legitimate in UK so they can finally get out of the ban?

It is a big market but Binance is the one that did the cause. They don't comply from what's being asked so that sums up that they've anticipated already the loss on their part with that move.

If they didn't ignored the notice and compliance, they won't be banned and they will still be good to operate within UKs jurisdiction.

We don't know what's really going on, but we are not sure if Binance is really not doing anything towards this situation. As they realized that they will lose this market, I think they will start thinking about complying the FCA protocols. Who knows their lawyers are already preparing their docs to comply? Remember, when they see that there's business, they always find a way how to get that market. Let's just wait and see.

[Bitcoin_Arena]

I saw a number of such messages posted by different users on twitter



It's so funny how Barclays Bank UK all of a sudden care about how adults spend their money on crypto yet they allow the same adults to use the money to buy guns, drugs and even gamble it off irresponsibly. Double standards!

[The Sceptical Chymist]

OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.  The reason I ask is because once I had a bank manager ask me in person about a bunch of transactions in my checking account (which was back when Circle used to buy/sell bitcoin).  I told her that they were bitcoin purchases--and they were all for very small amounts--and that was pretty much the end of it.  They might have been concerned, but they definitely didn't prohibit me from having my checking account linked to Circle.

This Binance thing in the UK and elsewhere really sucks.  And on the radio today I heard some politician in the US talking about banning bitcoin because of all the ransomware attacks that have been going on lately.  It seems like there's a (maybe) coordinated attack against crypto by a lot of powerful people and/or institutions.  I'm hoping for the best, but banks have a lot of power and so do politicians.  

Hopefully you can find another exchange to do business with, OP.  I wish you luck.

It's so funny how Barclays Bank UK all of a sudden care about how adults spend their money on crypto yet they allow the same adults to use the money to buy guns, drugs and even gamble it off irresponsibly. Double standards!

It's not funny at all, IMO.  Unless the crypto community stands up to these assholes, we're all going to be in some serious shit if we want to continue being bitcoiners (or altcoiners).  All it would take is a law banning crypto and we'd all be instant criminals.

[magneto]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

Nothing you can do about it, unfortunately.

The ban isn't up to the bank to decide. It's from the government and banks are more than willing to comply given the fact that BTC poses a risk to replacing some of their transaction businesses to begin with.

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

https://www.binance.co.uk/

Binance is currently applying for FCA approval which will be incorporated into its UK website (link posted above).

Services should become available once regulatory terms are met.

Source:  https://twitter.com/binance/status/1409229417415680008

I'm surprised at the crackdown on the part of the UK. There has been so much negative publicity and capital flight with UK finance post #brexit. I thought they'd jump at the chance at expanding business through deregulated crypto.

That's good to hear, but honestly no one should be counting on Binance re-emerging in the UK any time soon.

But that's the beauty of BTC - failures can only occur to third party centralised services and not p2p trading or the BTC network itself. There are still plenty of alternative exchanges you can use, or even OTC trading.

[John Jefferson]

The FCA ban issued by the United Kingdom is clearly aimed at Binance. The purpose may be that the government regulates all trading activities of Binance. This may greatly reduce the income of the United Kingdom. This ban clearly shows the government’s attitude towards cryptocurrencies. Cryptocurrencies are not welcome. FCA bans often mention that retail investors lack knowledge of crypto assets, but I'm sure that most retail investors know crypto assets better than FCA.

[Darker45]

I am also surprised with this. Binance.com is still operating in the UK until now, right? I mean, UK citizens can still avail of Binance.com's products and services? If I am not mistaken, the FCA ban was specifically directed at regulated activities by Binance Markets Limited, since it is the only entity of the Binance group which is under FCA regulation.

As a matter of fact, Binance.com's Updated List of Country Eligibility for the “Pay with Bank Card” Feature is still putting UK under countries whose "users can continue to use the service as normal." I'm not sure how updated it is, though.

The FCA itself is only saying "The Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com."^[1] It doesn't say that the same products and services offered by Binance.com are all prohibited.

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

[stompix]

Its not complicated at all because the FCA have said they can not stop UK residents from " trading or buying and selling of crypto"  on Binance . com   but a few of the Banks here in the UK are using the FCA website link which states it was about the London based  Binance Markets Limited company and not Binance. com   

What is Binance.com?
When you were previously depositing money to binance were you accessing binancemarketslimited.co.uk?

Start making differences between websites and companies!
All the payments you were making to and from Binance using banks in the UK were being routed through Binance Market Limited , I doubt you were sending money to Cayman Island every time. How was Binance being able to send and receive SEPA transfers if they didn't have any presence inside the EU?

Now do you understand ...

My time to ask this question!

[Anonylz]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

I guess that's something cz really have to consider if they intend to keep their UK based customers,  this are some of the reason why regulations seem an inevitable part of crypto, Binance  as centralized exchange and will have to comply with this fca regulations to keep their customers if not there will be a lot more people who will be affected and disappointed as well,  this is a clear indication that crypto can not be successful without regulations involved.

[Shenzou]

The Uk banning the use of binance was and old news, and the team was already aware of it, i am surprised that they haven't found an alternative a long time ago, since they would be losing a large number of users from uk, and i am even more surprised that the banks are actually taking an action to prevent users from making transactions with binance, and by the time that they finnd a way to bring it back to uk people would have already found an alternative and won't go back.

[jossiel]

It is a big market but Binance is the one that did the cause. They don't comply from what's being asked so that sums up that they've anticipated already the loss on their part with that move.

If they didn't ignored the notice and compliance, they won't be banned and they will still be good to operate within UKs jurisdiction.

We don't know what's really going on, but we are not sure if Binance is really not doing anything towards this situation. As they realized that they will lose this market, I think they will start thinking about complying the FCA protocols. Who knows their lawyers are already preparing their docs to comply? Remember, when they see that there's business, they always find a way how to get that market. Let's just wait and see.

In an article that I've read, that's what happened.

They didn't complied when the UK government has been waiting for their compliance. They've pulled back their application to be approved by the government and this what happened.

It's the opposite action that the government did to what they did.

[Saint-loup]

Its not complicated at all because the FCA have said they can not stop UK residents from " trading or buying and selling of crypto"  on Binance . com   but a few of the Banks here in the UK are using the FCA website link which states it was about the London based  Binance Markets Limited company and not Binance. com   

What is hard to understand that the few banks which are using the FCA as an excuse to stop people from buying and selling are wrong , Now if I was trading on the London based Binance market company which is not  FCA regulated then I would totally understand. I am allowed to trade stocks and shares in the US or other countries without any problems and non of them are FCA regulated because they are not in the UK ...  Now do you understand ...

But are you able to trade futures and options on binance.com while connecting Binance from UK and being a UK resident KYC verified? Did you try to do it? Because from what I understand of the FCA statement, futures and options markets are forbidden in the UK unless they have an authorization from 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’ – find out more information. A firm must be authorised by us to advertise or sell these products in the UK – check our Register to make sure the firm is authorised.

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

[fillippone]

OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.
<…>

Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).

[Mahanton]

OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.
<…>

Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).

As heavily regulated institution then its just normal that they would really be having their own control and do whatever they do like as it opposes mostly on governments interest and since this is
decentralized market then its normal that they would really be having this kind of impression this is why im really hesitant whenever i do make use of my bank accounts which would be attached
on crypto earnings for it to be transacted because they can always anytime make an issue and then suddenly locked up your funds and you would need to comply anything that they would asked.
Depends on the countries regulation if neither they are neutral or against crypto and expect these institutions would be following on whats mandated.

[fillippone]

]

As heavily regulated institution then its just normal that they would really be having their own control and do whatever they do like as it opposes mostly on governments interest and since this is
decentralized market then its normal that they would really be having this kind of impression this is why im really hesitant whenever i do make use of my bank accounts which would be attached
on crypto earnings for it to be transacted because they can always anytime make an issue and then suddenly locked up your funds and you would need to comply anything that they would asked.

Sorry, I do disagree.
Other banks in Italy allow their clients trade cryptos. Some other Italian banks actually sell Bitcoins to their clients and provide them with wallets. Real bitcoins, not shitty CFD of derivatives.
Other European banks allow their clients to operate in crypto and sell them their services.

So I would say this is a deliberate, arbitrary choice of said institution.

[NeuroticFish]

So I would say this is a deliberate, arbitrary choice of said institution.

That's correct. And OP has two obvious choices:
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.

I don't use the same banking services for my monthly income and for crypto exactly for this kind of reasons: banks may - sooner or later - arbitrarily decide against Bitcoin and it's better to stay flexible.

[bakasabo]

Does this ban exposed to all UK banks so far only Barclays refuses do work with Binance? With such prohibition, is it hard for UK citizen to open an account in an abroad bank? Just change the bank. Does the scheme "withdraw fiat - buy crypto IRL" popular in UK ?

Btw, what about PayPal in UK? It is possible to buy crypto through PayPal with UK ip? Bank card is linked to PayPal. You just pay to PayPal and bank dont monitor what you buy later. Will it work ?

[davis196]

So I would say this is a deliberate, arbitrary choice of said institution.

That's correct. And OP has two obvious choices:
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.

I don't use the same banking services for my monthly income and for crypto exactly for this kind of reasons: banks may - sooner or later - arbitrarily decide against Bitcoin and it's better to stay flexible.

It's a pain in the a$$ to have 10 bank accounts and to use some of them for your crypto purchases.
Therefore,I decided to never buy Bitcoins from platforms like Coinbase or Binance.
I don't want my bank accounts being blocked for some stupid reason,like buying Bitcoins.
Perhaps I will use services like Localbitcoins and Paxful.The fees are higher,but the process of buying Bitcoins isn't so direct.
Binance will become FCA regulated sooner or later.I don't like them,but at least they are trying to comply with the laws and regulations,just like every big company.

[stompix]

Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).

There are banks like this everywhere in the EU but here I don't think it's about the bank but more about Binance since they've stopped all SEPA deposits while no other exchange that is located or operates in the EU has done so.

That's correct. And OP has two obvious choices:
1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.

The second might now work

The Cayman Islands-registered entity said earlier on Tuesday on Binance.com that the ability to remove or add sterling to its main platform using bank cards had been “suspended for maintenance”. The move came a day after customers were also frozen out of Faster Payments, a major UK payments network that provides quick transfers between the country’s banks, a restriction that the exchange also said was due to “maintenance”.

The Faster Payments withdrawals service was restored late on Tuesday afternoon, according to Binance.com. Deposits using both card and Faster Payment remained unavailable, while withdrawals through cards were still down as of about 5.50pm London time on Tuesday.

https://www.ft.com/content/bf99e9e3-d104-4a92-81a1-8bd70b884b3f

In an email to users on Tuesday, the exchange said that from 8am universal co-ordinated time on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or Sepa, schemes. Its move was due to “events beyond our control”, the exchange said.

[Gyfts]

Binance and coinbase are awful. I would say stay away from using exchanges because the fees are annoying, and of course, you don't actually own any Bitcoin when you have it on these exchanges. You have an imaginary number on your wallet which denotes your balance, and you hope that you don't get banned. *But*, if you do use an exchange, do 10 seconds of research, there are so many better ones out there.

[Fortify]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

I saw today that the Binance is trying to hire a former bank regulator from the UK into their company, most likely to try and navigate them towards the best solution for this situation. It is even worse for them than just being banned by the UK, but they are officially located in the Cayman Islands which are also looking into their company and as it is a British Overseas Territory it can cause even further pressure. I'm guessing that the people at Binance must have rubbed up some government officials the wrong way for such forceful action to be taken against them, like point blank refusing to divulge client information "for money laundering" purposes. I have little sympathy for Binance however as their fees are a scandalous ripoff and not adjusted fairly.

[adzino]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

I have heard about it. Why did you thought it wouldn't affect you guys after the ban. Didn't binance give a notice saying that people from UK should withdraw their funds before December? Or did I read it wrong?
And yeah, they are going to lose a lot of revenue. If it going to affect them big time, then I guess we will be seeing binance.uk for you people. A registered company in UK that is FCA regualted.

[maxreish]

Im pretty sure Binance is thinking about considering FCA for the sake of customer's complaints. They have a lot of UK users that are loyal with Binance and if this banks wouldnt allow any transactions to Binance then the percentage of users will be decreased as well as their reputation.

If Coinbase complied already, Binance will think of doing it too.

[lixer]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

Oh now I’m starting to get the reason behind banning of Binance in the UK. The news has not really explained it properly and I kept wondering why the UK has decided to ban Binance and if they are going to do the same thing to other exchanges as well. Now I have understood that it was because of regulation that they decided to ban Binance from there. Anyways, Binance has always been an exchange that is not fly regulated wherever they go to.

I believe that before the UK takes this kind of action against them, they must have been warned about it. Anyways, let’s wait and see what their actions would be. And as for me, I Willa advise you to stay out from the platform.

[ethereumhunter]

If people still feel they get the advantage from Binance and still use Binance without a problem, they will still use it. They will figure out how to still use Binance because they can use P2P exchange to deposit or withdraw the money. Besides that, Binance will follow everything, including the regulation in the UK, because I am sure Binance does not want to lose its revenue from UK users. There will be the next news about that from the banks and Binance because Binance will solve that matter.

[NeuroticFish]

1. Give up Binance, at least for buying Bitcoin. Use a different exchange.
2. Give up that bank, it's not the only one in UK.

The second might now work

Clearly. It's the obvious pick 

It's a pain in the a$$ to have 10 bank accounts and to use some of them for your crypto purchases.
Therefore,I decided to never buy Bitcoins from platforms like Coinbase or Binance.

The leap from 2 accounts to 10 is big and unnecessary. But hey, it's your choice.
You still picked one of the options I've shown, just it was [1], i.e. not what I would have picked. But, again, completely your choice.

[alevlaslo]

https://www.bestchange.com/

[RealMalatesta]

OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.
<…>

Well, in Italy we are well ahead of this. The second biggest bank in Italy is actively chasing every customer who receives/sends money to crypto exchange to close the account if this activity “not liked” by the bank is immediately suspended.
This happens irrespective of the customer profiling (compulsory profiling of every customer based on financial solidity, economic knowledge, risk appetite etc..etc).

Why though? I mean why is that a bad move, or considered a bad move? If I owned a bank I would definitely try to work with exchanges, not only because that would mean that I would get constant action from all the deposits and withdrawals, but if I as a bank end up having all the cash an exchange has? That would be insanely profitable.

Exchanges do not just hold crypto, they also have fiat as well, a lot of local exchanges have fiat, so let's say you deposit fiat in order to buy crypto, that money goes to a bank, it is not like you are giving ton of banknotes to the exchange by hand, you wire it to their bank account. Considering crypto market is billions of dollars all over the world, if I were a global bank I would tell each of my banks in whatever nation they are to get working with exchanges in order to have a ton more money deposit in my bank. It is just logical business, it makes sense, it is very very profitable.

[HaleyOccam]

I also learned this information through the news: The United Kingdom prohibits users from buying any encrypted assets and digital currencies on Binance.

I don’t feel strange.

1.First of all, there must be a large number of users complaining to Binance. When I was using Binance myself, I also felt that sometimes there were big problems，such as unplugging the network cable, delays, and inability to top up the deposit. As a result, I was blown out. It's more like someone deliberately manipulated it, causing users to make a lot of money at any time.

2.Second, Binance is a centralized exchange. There are many problems. It is not open and transparent. A large amount of our funds are deposited in Binance, but the exchange will use the funds to do other things that Sunshine can't find. , Everyone knows this very well.

3.Third, many bigwigs or people with higher knowledge of Bitcoin and blockchain have repeatedly said it many times-the coin withdrawal movement (transferring digital currency from a centralized exchange to a decentralized exchange).

We also need to continue to follow the spirit of Bitcoin, a decentralized peer-to-peer electronic cash payment system.

[fullhdpixel]

I am also surprised with this. Binance.com is still operating in the UK until now, right? I mean, UK citizens can still avail of Binance.com's products and services? If I am not mistaken, the FCA ban was specifically directed at regulated activities by Binance Markets Limited, since it is the only entity of the Binance group which is under FCA regulation.

As a matter of fact, Binance.com's Updated List of Country Eligibility for the “Pay with Bank Card” Feature is still putting UK under countries whose "users can continue to use the service as normal." I'm not sure how updated it is, though.

Because it is not fully banned. This has been a news for a while and for some reason there are still some people who think that UK banned binance fully, why do people think that and does nobody read what we are talking about. There are "certain" things that Binance does all over the world which UK basically said requires a lot more KYC type security or information or whatever you want to call it, and as long as Binance gets those information from people then they could allow those operations to continue.

So, not only this is not about 100% all of binance being banned because it is not, this is about one part of it, this is also not fully banning it neither, this is just saying "hey you are doing this thing, ask them these before you let them do that" and that's it, nothing major. I do not believe that people should even care about this news at all.

[BITCOIN4X]

We really need to check why banks don't allow direct transactions to binance. AFAIK, the Indonesian government has also included the binance site in the exchange list which is no longer accessible to trader (blocking access site) due to not having permission and complying with regulation. But we can still use the app and make a deposit there via another local exchange that already has a permit.

[RokokGudangGaram]

We really need to check why banks don't allow direct transactions to binance. AFAIK, the Indonesian government has also included the binance site in the exchange list which is no longer accessible to trader (blocking access site) due to not having permission and complying with regulation. But we can still use the app and make a deposit there via another local exchange that already has a permit.

Inquiring directly with the bank, regarding the discontinued approval for having transactions with Binance, would be the greatest way to find out why such happened. And just like what others have suggested in this thread, it would also a good step to ask other local banks in your areas if they allow clients to have direct transactions with Binance. Then maybe one could just opt to that bank that allows transactions with Binance.

[goldade]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

Although the best thing would be that Binance becomes FCA regulated just like Coinbase so that their users can be allowed payments from debit and credit cards. There are, however, several other options that these users can employ.
One of which would be to, instead of Binance, use other exchanges that are FCA regulated and allow transactions with debit and credit cards
Another alternative would be to still use Binance but instead of cards employ the use of P2P.
Those are, I believe, the best alternatives

[Cryptoshops]

I saw a number of such messages posted by different users on twitter



It's so funny how Barclays Bank UK all of a sudden care about how adults spend their money on crypto yet they allow the same adults to use the money to buy guns, drugs and even gamble it off irresponsibly. Double standards!

Yep thats the same message as what i got

[Cryptoshops]

OP, I'm curious as to whether your bank is a big name one or a smaller, local bank.  The reason I ask is because once I had a bank manager ask me in person about a bunch of transactions in my checking account (which was back when Circle used to buy/sell bitcoin).  I told her that they were bitcoin purchases--and they were all for very small amounts--and that was pretty much the end of it.  They might have been concerned, but they definitely didn't prohibit me from having my checking account linked to Circle.

This Binance thing in the UK and elsewhere really sucks.  And on the radio today I heard some politician in the US talking about banning bitcoin because of all the ransomware attacks that have been going on lately.  It seems like there's a (maybe) coordinated attack against crypto by a lot of powerful people and/or institutions.  I'm hoping for the best, but banks have a lot of power and so do politicians.  

Hopefully you can find another exchange to do business with, OP.  I wish you luck.

It's so funny how Barclays Bank UK all of a sudden care about how adults spend their money on crypto yet they allow the same adults to use the money to buy guns, drugs and even gamble it off irresponsibly. Double standards!

It's not funny at all, IMO.  Unless the crypto community stands up to these assholes, we're all going to be in some serious shit if we want to continue being bitcoiners (or altcoiners).  All it would take is a law banning crypto and we'd all be instant criminals.

Yes its one of the big international banks so not just in the UK  As far as I can tell its the only bank in the UK to stop payments to Binance.com

[Cryptoshops]

Does this ban exposed to all UK banks so far only Barclays refuses do work with Binance? With such prohibition, is it hard for UK citizen to open an account in an abroad bank? Just change the bank. Does the scheme "withdraw fiat - buy crypto IRL" popular in UK ?

Btw, what about PayPal in UK? It is possible to buy crypto through PayPal with UK ip? Bank card is linked to PayPal. You just pay to PayPal and bank dont monitor what you buy later. Will it work ?

I used to transfer money from Coinbase into paypal.   I had the paypal account for years without any problems then about 3 months after using it to transfer money from Coinbase.  Paypal  restricted my account  saying I needed to upload ID which  and proof of my address which I did. It just says its pending review all the time, so I ended up phoning them and they said it will be sorted out. A year later its still the same and I have given up with Paypal.

[thesmallgod]

Your country is well known to have a solid policy that protect individuals at large. If Binance will not fully comply with the FCA regulation, I do not thing citizen like you will be able to buy directly from binance with your card. It means you are going to buy elsewhere and transfer to binance if you want to trade. I already read on the internet that they are currenly enhancing their compliance with FCA regulation, meaning they already aware how important you and the rest of UK citizens https://www.complianceweek.com/grc-appointments/binance-enhancing-compliance-after-recent-uk-ban/30558.article

[jaysabi]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

UK has been cracking down on cryptocurrencies since the past few months. As a result, most of the banks are not allowing crypto-related transactions whether buying, selling or converting to fiat. However, I do believe that Binance could negotiate with the regulators later on instead of getting banned for good.

The good thing about your topic is that the bank was informing you about it instead of an automatic closure of your bank account.

I think all Binance would need to do is become FCA compliant, there is no negotiation involved. You either abide by the financial laws in the jurisdictions you operate in, or you get banned. There's really no reason not to comply.

Binance.com does not fall under UK FCA  regulations because they are not based here in the UK  They are based in the Caymen Islands. The FCA have already stated that they can not stop people in the UK  from trading on the site. They were talking about  Binance company called Binance Markets Limited which is based here in the UK. "The FCA said Binance’s UK subsidiary – Binance Markets Limited – is not currently permitted to “undertake any regulated activities without the prior written consent of the FCA”.

So the FCA’s latest move isn’t entirely significant in this context. It is, in effect, merely enforcing an existing ban. But while Binance Markets Limited is banned from offering regulated services in Britain, non-registered firms can still engage with UK consumers to provide unregulated services – such as buying and selling cryptocurrencies. In order words, Binance can still offer UK-based investors crypto trading via its website."

 Now the banks are saying we can not use Binance.com  because of the FCA which is wrong.

This is not correct. No Binance entity is permitted to engage in any activities regulated by the FCA.  It doesn't matter where a company is based, you cannot operate in the UK in regulated activities without a regulatory license.  Neither binance.com nor any other Binance entity can engage in derivatives, market-making or other regulated activities. Further, the ban has caused several large banks to suspend payments to binance.com for regular crypto purchases.  And even further, the FCA has a deadline of March 31, 2022 by which crypto asset businesses must register in order to continue trading in the UK.

[Darker45]

This is not correct. No Binance entity is permitted to engage in any activities regulated by the FCA.  It doesn't matter where a company is based, you cannot operate in the UK in regulated activities without a regulatory license.  Neither binance.com nor any other Binance entity can engage in derivatives, market-making or other regulated activities. Further, the ban has caused several large banks to suspend payments to binance.com for regular crypto purchases.  And even further, the FCA has a deadline of March 31, 2022 by which crypto asset businesses must register in order to continue trading in the UK.

I actually have a different understanding of this. Binance is not allowed to engage in any regulated activities within the UK. It doesn't mean it cannot offer products and services from an entity operating elsewhere outside the UK's jurisdiction. As a matter of fact, trading cryptocurrency is not directly regulated in the country, although derivatives are allowed only with FCA authorization. However, problems arise with local third parties which are FCA-regulated such as banks, payment processors, payment systems, and so on, the ones which are bridging the Brits and the platform based outside the ambit of FCA regulations.

"British citizens will still be able to access Binance's services in other jurisdictions."^[1]

"The FCA UK notice has no direct impact on the services provided on Binance.com."^[2]

"...Binance is technically allowed to continue offering crypto trading to Brits..."^[3]

[1] https://www.reuters.com/world/uk/financial-watchdog-orders-crypto-exchange-binance-stop-regulated-activities-uk-2021-06-27/
[2] https://edition.cnn.com/2021/06/27/business/binance-uk-ban/index.html
[3] https://www.cnbc.com/2021/07/08/binance-uk-crackdown-boosts-rival-cryptocurrency-exchanges.html

[Cryptoshops]

This is not correct. No Binance entity is permitted to engage in any activities regulated by the FCA.  It doesn't matter where a company is based, you cannot operate in the UK in regulated activities without a regulatory license.  Neither binance.com nor any other Binance entity can engage in derivatives, market-making or other regulated activities. Further, the ban has caused several large banks to suspend payments to binance.com for regular crypto purchases.  And even further, the FCA has a deadline of March 31, 2022 by which crypto asset businesses must register in order to continue trading in the UK.

I actually have a different understanding of this. Binance is not allowed to engage in any regulated activities within the UK. It doesn't mean it cannot offer products and services from an entity operating elsewhere outside the UK's jurisdiction. As a matter of fact, trading cryptocurrency is not directly regulated in the country, although derivatives are allowed only with FCA authorization. However, problems arise with local third parties which are FCA-regulated such as banks, payment processors, payment systems, and so on, the ones which are bridging the Brits and the platform based outside the ambit of FCA regulations.

"British citizens will still be able to access Binance's services in other jurisdictions."^[1]

"The FCA UK notice has no direct impact on the services provided on Binance.com."^[2]

"...Binance is technically allowed to continue offering crypto trading to Brits..."^[3]

[1] https://www.reuters.com/world/uk/financial-watchdog-orders-crypto-exchange-binance-stop-regulated-activities-uk-2021-06-27/
[2] https://edition.cnn.com/2021/06/27/business/binance-uk-ban/index.html
[3] https://www.cnbc.com/2021/07/08/binance-uk-crackdown-boosts-rival-cryptocurrency-exchanges.html

Yes this is correct and as Binance.com and the FCA have said they cannot stop people in the UK form buying or selling crypto on that site,  so the bank is using the FCA  statement which refers to the UK Binance markets limited  site which is located in London,   not the Binance.com website.

[Ultegra134]

From what I've read from previous posters, banks have opposed a ban to Binance's exchange. One way you could solve this would be to use a middleman service. I've been using Revolut for quite a few years now and was my main method of depositing money on exchanges. Use your debit card to load money to your Revolut account and then transfer the money from your Revolut to Binance.

This method requires no fees whatsoever and is probably your safest bet.

[Kong Hey Pakboy]

That's a pretty sad thing but I guess that this isn't going to be a permanent thing right? From the message sent, it's like they don't really plan to permanently ban Binance, it's just that there's a lot of problems with them that right now staying away from the heat is the best thing to do.

[Vishnu.Reang]

From what I've read from previous posters, banks have opposed a ban to Binance's exchange. One way you could solve this would be to use a middleman service. I've been using Revolut for quite a few years now and was my main method of depositing money on exchanges. Use your debit card to load money to your Revolut account and then transfer the money from your Revolut to Binance.

This method requires no fees whatsoever and is probably your safest bet.

Perfectly said. Previously when I was using centralized exchanges, I have used VCCs from various providers to fund my fiat exchange wallets. I reside in India, and here linking your bank account to the cryptocurrency exchange is always risky due to the lack of legality of Bitcoin. The banks can use this excuse to either freeze your funds or shut down your bank account. So I have always went for the indirect route (i.e deposits using pre-paid virtual credit cards), although it is more expensive and time taking.

[jaysabi]

This is not correct. No Binance entity is permitted to engage in any activities regulated by the FCA.  It doesn't matter where a company is based, you cannot operate in the UK in regulated activities without a regulatory license.  Neither binance.com nor any other Binance entity can engage in derivatives, market-making or other regulated activities. Further, the ban has caused several large banks to suspend payments to binance.com for regular crypto purchases.  And even further, the FCA has a deadline of March 31, 2022 by which crypto asset businesses must register in order to continue trading in the UK.

I actually have a different understanding of this. Binance is not allowed to engage in any regulated activities within the UK. It doesn't mean it cannot offer products and services from an entity operating elsewhere outside the UK's jurisdiction. As a matter of fact, trading cryptocurrency is not directly regulated in the country, although derivatives are allowed only with FCA authorization. However, problems arise with local third parties which are FCA-regulated such as banks, payment processors, payment systems, and so on, the ones which are bridging the Brits and the platform based outside the ambit of FCA regulations.

"British citizens will still be able to access Binance's services in other jurisdictions."^[1]

"The FCA UK notice has no direct impact on the services provided on Binance.com."^[2]

"...Binance is technically allowed to continue offering crypto trading to Brits..."^[3]

[1] https://www.reuters.com/world/uk/financial-watchdog-orders-crypto-exchange-binance-stop-regulated-activities-uk-2021-06-27/
[2] https://edition.cnn.com/2021/06/27/business/binance-uk-ban/index.html
[3] https://www.cnbc.com/2021/07/08/binance-uk-crackdown-boosts-rival-cryptocurrency-exchanges.html

We're largely saying the same thing. I think I just needed to be explicit in saying that binance.com purchases and sales aren't regulated by the FCA, since I just kept referring only to regulated activities. However, no entity is allowed to offer regulated services in the UK without FCA approval, whether or not they're based there or not. Being based elsewhere doesn't give you an out to following the laws where you operate, so that's not why purchases and sales are allowed on binance.com.  For what it's worth, I do expect that to change in the future as well.

[Ultegra134]

From what I've read from previous posters, banks have opposed a ban to Binance's exchange. One way you could solve this would be to use a middleman service. I've been using Revolut for quite a few years now and was my main method of depositing money on exchanges. Use your debit card to load money to your Revolut account and then transfer the money from your Revolut to Binance.

This method requires no fees whatsoever and is probably your safest bet.

Perfectly said. Previously when I was using centralized exchanges, I have used VCCs from various providers to fund my fiat exchange wallets. I reside in India, and here linking your bank account to the cryptocurrency exchange is always risky due to the lack of legality of Bitcoin. The banks can use this excuse to either freeze your funds or shut down your bank account. So I have always went for the indirect route (i.e deposits using pre-paid virtual credit cards), although it is more expensive and time taking.

It's also a way to avoid having your money/crypto taxed, when withdrawing or depositing money. I'd prefer not having crypto related transactions showing up in my bank statement. With the previous method, I have a physical and a virtual debit card, which has zero fees for depositing money via my national debit card.

Generally, it's best to avoid showing any crypto related activity, for various reasons, the main one being taxation.

[Sithara007]

It's also a way to avoid having your money/crypto taxed, when withdrawing or depositing money. I'd prefer not having crypto related transactions showing up in my bank statement. With the previous method, I have a physical and a virtual debit card, which has zero fees for depositing money via my national debit card.

Generally, it's best to avoid showing any crypto related activity, for various reasons, the main one being taxation.

I am not sure whether the usage of VCCs may help you with tax evasion. Unless you mix your coins, it is easy for the authorities to track your transactions using cryptocurrencies. And at some point, you need to cash out. If you are using an exchange such as Binance, then only a few options are available for withdrawal and normally they don't allow anonymous cash withdrawals. You can always use the same method (i.e converting your coins to VCC at the time of cashing out), but I don't know how practical is it. Because VCCs can't be used in all the domains where cash is accepted. It may be OK for small amounts though.

[Ultegra134]

It's also a way to avoid having your money/crypto taxed, when withdrawing or depositing money. I'd prefer not having crypto related transactions showing up in my bank statement. With the previous method, I have a physical and a virtual debit card, which has zero fees for depositing money via my national debit card.

Generally, it's best to avoid showing any crypto related activity, for various reasons, the main one being taxation.

I am not sure whether the usage of VCCs may help you with tax evasion. Unless you mix your coins, it is easy for the authorities to track your transactions using cryptocurrencies. And at some point, you need to cash out. If you are using an exchange such as Binance, then only a few options are available for withdrawal and normally they don't allow anonymous cash withdrawals. You can always use the same method (i.e converting your coins to VCC at the time of cashing out), but I don't know how practical is it. Because VCCs can't be used in all the domains where cash is accepted. It may be OK for small amounts though.

It probably isn't, however, it's still a way to not directly show that I'm involved into crypto activity. I'd prefer not having such transactions on the bank account I'm receiving my paycheck. Revolut and any other similar services, are also banking services that have your full details, your moves can still be tracked through them, it's just that it's unlikely you'll be directly audited.

[jostorres]

From what I've read from previous posters, banks have opposed a ban to Binance's exchange. One way you could solve this would be to use a middleman service. I've been using Revolut for quite a few years now and was my main method of depositing money on exchanges. Use your debit card to load money to your Revolut account and then transfer the money from your Revolut to Binance.

This method requires no fees whatsoever and is probably your safest bet.

Banks are not opposed to it, there is a ban by the UK government that requires a lot stricter regulations which Binance is working on and UK will have Binance all over again. The problem here is not that banks are against bitcoin or binance or anything crypto related, they are just following the rules their governments set out and that's about it, they do not have anything extra about it at all.

I understand that it may not be ideal, I understand that it is definitely not something simple and I understand that people hate it when their exchanges are getting faced with a lot worse regulations because we all know that it's done to slow us down and make it worse for us, but at least it is not a complete ban like China did and it will be back on the menu soon enough, hell there are some UK based exchanges that still works if you want to, just not all of them.

[Kiley33]

I see that other places are also banning Binance transactions. If this is the case, do not make any transactions. Put your money in your wallet. The ban should not last forever. If it is convenient, you can switch the country's bank card for binding.

[Tina H]

Normally, in many national banks, cryptocurrency transactions are not allowed. They use various methods to detect whether your property has been traded in cryptocurrency. If discovered by them, it is very likely that your account will be frozen, requiring you to go to the counter. It is very complicated to deal with. The only solution now is to use a bank account that does not resist cryptocurrency to trade. This is effective. If you want to know which banks you can search online!

[sapnu]

I got a message from my UK bank saying they will no longer allow payments from debit/ credit cards to Binance.  This is all to do with the UK FCA ban but I thought it was not going to affect us being able to use the Binance.com site, seems I was wrong  Binance will loose a lot of UK revenue if they do not become FCA regulated like Coinbase has done

It is quite unfortunate yet we need to accept the fact that there will be instances wherein national banks of government regulated banks will not allow the transaction of crypto. Crypto has a long way to go still before getting regulated in many countries, all we need to do is be patient and keep on believing that it will happen in no time. It is something new for the old ones and considering the fact that most of the people in the government are too used to the fiat system, they will more likely stick to it instead of opening up to a new system. We're getting close to it, we just need to keep on believing regardless.