1/ Finance Magnates reported yesterday that "UK Regulator Said Crypto Exchange Binance is Now Compliant"
Here's the link to that - financemagnates.com/cryptocurrency…
Won't lie, I was skeptical at first - but appears there's some credence to this headline.
Here's the link to that - financemagnates.com/cryptocurrency…
Won't lie, I was skeptical at first - but appears there's some credence to this headline.
2/ Cutting to the chase here - let's revisit the original notice the FCA published against @Binance on June 25th, 2021.
If you look closely, you'll notice the press release was last updated August 25th, 2021 (yesterday).
If you look closely, you'll notice the press release was last updated August 25th, 2021 (yesterday).
3/ Let's check out the 'FCA Register' for 'Binance Markets Ltd.' first (via the FCA's registry) - register.fca.org.uk/s/firm?id=001b…
Curiously, on the FCA's site...it does state that, "This firm is authorised for specific activities and product types" (doesn't specify what those are)
Curiously, on the FCA's site...it does state that, "This firm is authorised for specific activities and product types" (doesn't specify what those are)
4/ Scrolling further down on that site, there's additional information about @Binance.
Honestly shocked that @binance was somehow able to resolve w/e issues they had with the FCA in less than two months...
Honestly shocked that @binance was somehow able to resolve w/e issues they had with the FCA in less than two months...
5/ Let's not forget that @Binance literally could not obtain *any* banking in the UK just *two* short months ago.
HSBC, Santander, NatWest *and* Barclays all announced they were dropping @Binance as a client *last month!*
HSBC, Santander, NatWest *and* Barclays all announced they were dropping @Binance as a client *last month!*
6/ What's even crazier is that @Binance reinstated their GBP deposits *and* withdrawals yesterday (Aug. 25th, 2021).
How has @Binance managed to slide under the radar with this? No matter - let's continue on.
How has @Binance managed to slide under the radar with this? No matter - let's continue on.
7/ Going back to that FCA compliance check page - let's see what "restrictions" are imposed on the @Binance UK entity (if any at all).
7a/ Appears the first stipulation states @binance can't operate as a fractional reserve. Meh - nothing.
8/ Here's the other stipulation imposed on @Binance
Essentially just restricts them from 'promoting' or 'accepting' "any new applications for lending by retail customers through the operation of its Electronic Lending System" (?)
Essentially just restricts them from 'promoting' or 'accepting' "any new applications for lending by retail customers through the operation of its Electronic Lending System" (?)
9/ Moving further along here, there's a section titled, 'Activities and services' where the FCA claims to provide greater info about what "regulated activities...this firm has FCA and/or PRA permission to provide" (among other info)
9a/ Expanding from there, a list of 9 individuals whom (don't expect to find them all in these four pictures ; this information can be extracted easily from the FCA's site though.
11/ Since we're here, we might as well be thorough! Let's check out who @Binance is "connected to" (according to the FCA).
Their records currently identify:
- Arch Emerging Markets Partner Ltd.
- ViCoHo Reg. Services Ltd.
Their records currently identify:
- Arch Emerging Markets Partner Ltd.
- ViCoHo Reg. Services Ltd.
12/ Last but not least, we can see that the FCA has been the sole overseers of @Binance's fate
FCA's final action on @binance seems ridiculously light when considering the fact that the exchange nearly lost *all* of its banking partners over the past two months alone.
FCA's final action on @binance seems ridiculously light when considering the fact that the exchange nearly lost *all* of its banking partners over the past two months alone.
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