This could slow down the rate of new crypto adoption in the UK, at least in the short term. “As one of the world’s largest crypto exchanges, Binance’s pullback might instil a sense of caution among investors and stakeholders. Peter Wood, chief technical officer at Spectrum Search, the web3 recruitment company, discussed the impact the crypto exchange’s announcement would have saying: “Binance’s decision to halt new registrations and impose restrictions on existing UK users could have a domino effect on the broader UK crypto market. ![]() Peter Wood, chief technical officer at Spectrum Search Additionally, it also provides a breakdown of different terminology and different coins consumers should be wary of before investing. In its announcement, the crypto asset exchange reiterated its risk warning, encouraging its users to learn more about the risks associated with crypto through an easily absorbable bullet point list. “The key is a balanced approach that combines regulatory oversight with education to foster a more informed and responsible trading environment.” – Peter Wood While the FCA has informed organisations that it wants to bring in a 24-hour cooling period which enables users to revoke an investment, Binance is also doing its part to ensure consumer safety. One of the FCA’s biggest goals from the new crypto-asset marketing regime is to keep customers safe. However, any new features that are released will be withheld from current consumers until a new approver is found. This may involve extensive due diligence and regulatory negotiations, making the duration difficult to predict.”Īlthough it is no longer going to be accepting new UK customers, existing ones will be allowed to continue to use Binance’s current offering. It really depends on the exchange’s ability to navigate the evolving regulatory landscape and meet the FCA’s compliance requirements. Commenting on this Cuautemoc Weber, co-founder and CEO of Gateway.fm, the decentralised blockchain infra/node provider said: “The timeline for Binance to find a new FCA-authorised approver is uncertain. Cuautemoc Weber, co-founder and CEO, Gateway.fmįor the time being, Binance is currently looking for a new approver. Two days following the launch of the UK regulator’s regime, REBS was no longer able to approve financial promotions of any crypto institutions (including Binance) and had to withdraw any existing approved promotions. A week later, even global-scale exchanges are now feeling the impact of the new regime as Binance has had to stop accepting new UK users.īinance was allowed to promote its services in the UK as it was engaged with a firm authorised by the FCA: (REBS). Within 24 hours of its new cryptoasset marketing regime going live, the Financial Conduct Authority (FCA) flagged 146 issues about crypto promotions breaking the rules.
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