Cryptocurrency Q&A
Why has UK banned Binance?
Why has UK banned Binance?
CryptoAce
Fri Mar 29 2024
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6 answers
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I'm quite surprised to hear that the UK has banned Binance. Could you please elaborate on the reasons behind this decision? Has the exchange been accused of any specific violations or illegal activities? How does this ban affect Binance users and the cryptocurrency market in the UK? Will other countries follow suit? And what are the authorities planning to do to ensure that the ban is effectively implemented?
6 answers
GangnamGlitter
Sun Mar 31 2024
The FCA's decision was a result of its legally-binding requirements imposed on REBS. These requirements were aimed at ensuring that financial promotions were not misleading and provided investors with accurate and fair information.
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SilenceSolitude
Sun Mar 31 2024
In compliance with the FCA's directive, REBS was no longer able to approve financial promotions for cryptoasset businesses. This meant that all pending approvals were withdrawn, effectively halting any further promotional activities.
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Carlo
Sun Mar 31 2024
On October 10th, 2023, the Financial Conduct Authority (FCA) made an announcement that would significantly impact the cryptoasset industry in the UK.
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Bianca
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, was also impacted by this decision. BTCC had been utilizing REBS's approval system for its financial promotions, but with REBS's withdrawal, BTCC would need to find alternative methods for promoting its services.
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EnchantedMoon
Sun Mar 31 2024
REBS, a regulatory body within the financial sector, was ordered to withdraw any existing approvals of financial promotions for cryptoasset businesses. This directive came into effect from 5pm on October 11th, 2023.
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