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Yesterday the FCA announced a warning about Binance for UK customers but you probably don't need to worry Here's a mini breakdown of exactly what the FCA said 👇Permalink On twitter.com
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"Binance Markets Limited is not permitted to undertake any regulated activity in the UK." • Buying & selling cryptocurrenies are NOT regulated activity • However financial products involving derivatives (futures, CFDs & options) and securities areOn twitter.com
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The FCA does not provide regulation on cryptocurrenies and they are not covered under the FSCS protection scheme The FAC states that a company offering products in the UK involving derivatives/securities should be regulatedPermalink On twitter.com
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*FCA There's always ONE error in these threads 🤦♂️Permalink On twitter.com
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So here's likely what will happen • Binance withdraws these products from the UK market completely Or • Binance gains approval to provide these products in the UKPermalink On twitter.com
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Binance will likely continue offering spot trading cryptocurrenies but you should probably still move any cryptocurrenies into your own non-custodian wallet (once you know how to do that and how to keep it secure/safe) TL;DR - There isn't much to worry about Enjoy your Sunday 😎Permalink On twitter.com
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Here's another good summary on the matter @financepapi__/1409124025381629959?s=19Permalink On twitter.com
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