What options are left for new UK users after Binance halt services?

[Wakanda]

Crypto currency regulation has been a subject of debate over the last couple of years. The demand for regulation was heightened after the sudden collapse of FTX which still left an indelible mark in the hearts of many investors. Many crypto exchanges are now at the receiving end of this unfortunate event as many countries has tighten the regulatory approach for CEXs to operate in their domain.

Many top and reliable CEX like Binance and Bybit seems to be seriously affected looking at the volume and amount of users assets in the custody of these exchanges. With over $30B users assets in the custody of Binance, any problem from the exchange could resort to crisis in the crypto industry which could lead to prolonged bear market and users losing confidence in any CEX perhaps the reason many countries are now being rigid to regulate this crypto exchanges because prevention is better than cure.

The UK has obviously been one of the favourite destination for cryptocurrency exchanges but after the FCA crackdown, Binance has decided to stop accepting new users from the country. While it's a sad development for the users in that domain, I think this act could further deter the interest of new users from the UK or is their a next best alternative for the users? 

[MongiIG]

BINANCE STOPS ACCEPTING NEW UK CLIENTS AND OTHER CRYPTO NEWS

As all eyes are focused on the FTX trial currently underway, Cryptocurrency Platform Binance announced that it will stop accepting new users from the UK. This is expected to come into effect on Monday October 16 at 5PM UK Time. The move comes about as Binances local partner in the UK was restricted from approving crypto Ads, a move announced by the FCA last week.

The new crypto marketing rules came into effect in the UK on October 8 with firms registered with the FCA allowed to approve their own Ads or have authorized entities approve it for them. The move by Binance does appear to be a temporary one as the company confirmed that it is ”working closely with the FCA to ensure that our users are not harmed by these developments and are looking to find another suitable FCA authorized firm to approve our financial promotions as soon as possible.”

The US SEC also missed its deadline to appeal the Grayscale application to convert its Bitcoin Trust Fund into an exchange-traded fund (ETF). This after a court decided the refusal by the SEC was unlawful and urged the Regulator to reconsider.

Oct 16, 2023 7:32 PM +02:00 | Zain Vawda, DailyFX Analyst

[BashJasper]

On 18/10/2023 at 16:18, MongiIG said:

BINANCE STOPS ACCEPTING NEW UK CLIENTS AND OTHER CRYPTO NEWS

As all eyes are focused on the FTX trial currently underway, Cryptocurrency Platform Binance announced that it will stop accepting new users from the UK. This is expected to come into effect on Monday October 16 at 5PM UK Time. The move comes about as Binances local partner in the UK was restricted from approving crypto Ads, a move announced by the FCA last week.

The new crypto marketing rules came into effect in the UK on October 8 with firms registered with the FCA allowed to approve their own Ads or have authorized entities approve it for them. The move by Binance does appear to be a temporary one as the company confirmed that it is ”working closely with the FCA to ensure that our users are not harmed by these developments and are looking to find another suitable FCA authorized firm to approve our financial promotions as soon as possible.”

The US SEC also missed its deadline to appeal the Grayscale application to convert its Bitcoin Trust Fund into an exchange-traded fund (ETF). This after a court decided the refusal by the SEC was unlawful and urged the Regulator to reconsider.

Oct 16, 2023 7:32 PM +02:00 | Zain Vawda, DailyFX Analyst

Definitely, Binance might not wanna lose out on a crypto-fertile country like UK but if you analyse the effect of an early approval of ETF will have on crypto, it's better they sort their footings earlier than later. Anyways, from a neutral perspective, there are plethora of options for UK users since exchanges like bitget and CB might wanna stay around or preferably monzo or revolut

[Jaja24]

On 26/10/2023 at 03:37, Emon said:

New UK users can use Bitget/eToro/Bitstamp or HTX. These exchanges are registered with the FCA and offer a variety of features and services.

My friend in the Uk tired out the former cex mentioned and she said she’s drawn more to their events as she gets free airdrops ahahaha~ good there was an alternative