Binance has moved to ban UK client access to crypto derivatives after his chief executive said the exchange wants to renew its push to legalize operations in the country.
The crypto exchange, which collapsed with the Financial Conduct Authority earlier this year, sent notifications to UK customers on Tuesday to offer more information to continue accessing derivatives and other items on the platform.
The FCA this year banned the supply of crypto goods to retailers. But international exchanges like Binance are still able to provide services to customers in the UK through offshore websites, despite national bans.
In order to comply with the UK financial regulations, we want to. . . provide additional information “, said Binance ‘s statement to customers, who were first quoted by Coindesk.
“This information will help us determine if you have access to it [certain] Sales are permitted under local law or will be prohibited. ”
UK customers registered at Binance before December 14 have until mid-February to answer questions to determine if they can still have access to the spice, according to the information.
A copy of the user questionnaire, provided by another Binance user, asked users to specify if they were rich, foreign or business owners. Top traders can still use cryptocurrencies under UK law. But the change said “more customers” will not fall into all of these categories.
The limits offered by Binance reflect the recent approval of Binance after a year of permanent stabilization from regulators around the world.
The message lists future, options and other factors that can be used as activities that may be prohibited.
Binance confirmed that the messages had been sent. “This is important for enforcing local laws. Binance is committed to full compliance, globally, “the group said.
Products from the materials as well as the process of lending money to consumers to grow their business have been among a number of regulators’ concerns on Binance and other crypto exchanges, as these sophisticated methods can quickly expose advertisers to the worst possible scenario. It also increases instability in the major market, industrial managers to say.
Binance CEO Changpeng Zhao earlier this month told the Daily Telegraph that the company was planning to reconsider FCA’s license to operate as a crypto company in the UK. A supervisor in June ordered Binance to suspend all operations in the country and set priorities for high-level events. “warning to consumers”.
Binance Markets Limited, one of its partners in the UK, quit his job at FCA before being warned.
The exchange has sought to establish crypto services in several financial sectors but has faced strong challenges from regulators on questions about group policies and consumer protection measures. The exchange on Monday did will close crypto bourse in Singapore and withdrew from his role as city manager, following criticism from local authorities in September.
Crypto currencies in many areas can be exchanged with Binance offshore, which provides trading and derivatives, among other services, even if the group is not active in their home country. However, the group has established co-operatives around the world to be able to access traditional payment methods.
In July, the exchange announced the “cessation” of its lucrative commercial venture in Europe, where it has met with legal scrutiny, and reduced the amount of money retailers can borrow on the platform to expand their Romance.
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