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Non-UK citizen but based in UK

Binance

Cryptocoins Exchanges / Binance 261 Views

Hi all I'm a multinational domicile in the UK, still waiting for an official response or announcement from Binance regarding the Binance FCA "ban". I do use high risk products (futures, options etc.) and understand the risks thus far and don't have any complaints.

I made my account using Portuguese credentials, though my linked bank account is in the UK. Other credentials that I wouldn't be able to use are Hong Kong and Canadian, in light of regulatory and institutional "f*** you retail you're not allowed to get rich" restrictions. These FUD news makes an even more compelling case for DeFi, but I do understand new people in crypto are trying to get help for their losses when they don't have any backup plans for their trades during extreme market movements.

Here's the main point. I'm trying to make the decision to withdraw by June 30th, should Binance derivatives be banned for UK-based customers. I've got no clue why Binance would retract their regulatory applications. Aside from being required to display "BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK" somewhere on the website/app, how would the compliance with recent orders actually proceed? Would it be a sudden carpet ban or some sort of date when this would happen/ additional disclaimer to agree to (understanding risks etc.)...

In short.. how will Binance actually comply with recent FCA orders?

If retail traders like me understand the risk that I would lose all my money while trading or if I have active trades during extreme market activity, could I still trade derivatives? Could I still be offered these services?

submitted by /u/sqr00tle
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