akashgoswami_’s Twitter Archive—№ 4,951

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 ♻️ 12 Retweets ❤️ 34 Favorites 2021 Jun 27 Mood -5 🙁

…in reply to @akashgoswami_
"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 are
Permalink On twitter.com 2021 Jun 27 Mood -1 🙁

…in reply to @akashgoswami_
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 regulated
Permalink On twitter.com ♻️ 1 Retweets 2021 Jun 27 Mood 0

…in reply to @akashgoswami_
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 UK
Permalink On twitter.com ♻️ 1 Retweets ❤️ 6 Favorites 2021 Jun 27 Mood +4 🙂

…in reply to @akashgoswami_
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 😎
On twitter.com ❤️ 7 Favorites 2021 Jun 27 Mood +4 🙂