Binance: The FCA UK notice has no direct impact on the services provided on the platform, nothing has changed
As AZCoin News reported, the FCA said that Binance Markets Limited cannot offer derivatives in the UK. But now Binance says that’s ok because it isn’t even operational
Faced with FCA, Binance replies: “Nothing has changed”
In a statement on Twitter 9 hours ago, Binance said Binance Markets Limited is not the entity offering the derivatives in the UK. With Binance being a global corporation based outside the country, the FCA rules do not apply to the full spectrum of Binance Group firms.
“We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited (BML). BML is a separate legal entity and does not offer any products or services via the http://Binance.com website”, they stated. “The Binance Group acquired BML May 2020 and has not yet launched its UK business or used its FCA regulatory permissions.”
Also, it is important to note that Binance clients can continue using the platform, knowing that the UK authorities are under no obligation to protect them in the event of an eventuality.
Binance responded through its Twitter account, assuring that “the FCA UK notice has no direct impact on the services provided on http://Binance.com” and that its relationship with its users has not changed.
The FCA UK notice has no direct impact on the services provided on https://t.co/QILSkzx7ac.
Our relationship with our users has not changed. (3/4)
— Binance (@binance) June 27, 2021
Binance explains that in addition to being an entirely different institution, Binance Markets Limited is currently inactive. As a result, the FCA warning does not in fact apply to any Binance affiliate right now.
It may seem intimidating at first, but the warning may not change much about the situation that Binance is in right now. So no need to worry. And it seems crypto traders know it. The news did not cause any major panic episodes. Instead, as AZCoin News reported, BTC has recovered a bit, skyrocketing over $35,000 in the past 24 hours.
Finally, Binance concluded: “We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules, and laws in this new space.”
It was not on accident, the UK’s Financial Conduct Authority only wanted to see how the market would react first. And thanks, we’re still fine!
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