Community Trust ScoreVerified
The UK’s Financial Conduct Authority has declared Binance to have “complied with all aspects of the requirements” set out in June.
Since 2017, Binance has been strategically maintained a “decentralized” organizational structure. Though each of their local-national operations has been sharing its name and logo, they are getting promoted as “independent” businesses which comply with local regulations. It has long been ambiguous about which entity is its de facto “headquarters” or what controls what or directs the overall corporate policy.
It has been rumored that these were deliberate activities. However, Binance has forever been posing that they are serious about regulation and compliance.
Previously, Binance expressed: “Binance has strategically maintained a “decentralized” organizational structure. Though each of its local-national operations shares its name and logo, they are promoted as “independent” businesses that each comply with local regulations. It has long been ambiguous which entity is its de facto (as opposed to official) “headquarters” or controls what or directs overall corporate policy.
Binance places utmost importance on client experience and trading integrity. As our industry strengthens relations with regulators, we expect fewer FUD-peddlers and individuals with malicious intent, including the impersonation of Binance employees.
Binance reserves the right to take legal action to protect its interests and welcomes responsible whistle-blowing that protects the trust of our community.”
Community response: Accepting GBP card deposits again. Not long till Faster Payments is back.
Only issue now is so many big banks are blocking payments to Binance. The more banks try to block. The more people will realize they don’t have control of their money in banks, and will want to leave. And go where? A crypto exchange long way off from that yet.
Previously, Banks were blocking payments to cryptocurrency trading platforms such as Binance and Kraken to protect customers following a dramatic spike in investment scam losses. After Barclays and Santander, UK Bank Natwest Blocked Payments to Binance.
Now that the bad August is over and the Financial Conduct Authority have authorized compliance, banks should reconsider their decision.
You were leaders of the market manipulation of BSV with the delist attack that robbed from all stakeholders. I would welcome fellow Canadian CZ to take this opportunity to submit to jurisdiction in some court to discuss just this one crime.
I agree. They haven’t had any problems even when they’ve been under pressure from British Banks. I also wish SEPA transfers would come back to rotate my funds through another exchange.
