Not looking good for Binance…
What regulated activity does it engage in?
The article doesn’t say.
At a guess I’d suggest it was the derivatives, leveraged tokens and loans secured by crypto holdings that they offer.
Hodling some crypto is one thing, but the idea of borrowing to buy it or using leverage in trades is something that fills me with horror.
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You might as well just explain to the forum you have 0.3 IQ and several ingrown toenails; why even waste my time with pinging me over this rubbish?
Pretty sure it’s in regards to the leveraged products they provide, as you mentioned. Binance has also been de facto barred from Japan, with their FCA asserting that Binance was operating illegally in the country
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Officially, the FCA and Binance haven’t disclosed this. However, the FCA has said that the “majority” of firms are not compliant… To me, it sounds like the first salvo in a campaign
Probably a good thing, tbh; 5 firms are now registered with the FCA and the FCA is helping them work to compliance. Hopefully prevents a bubble and allows banks to move back into letting users spend with them.
This is what we need for crypto to flourish (although to an extent I feel like it defeats the purpose of crypto). ETH could really hit 10-20k GBP by 2025 if the industry hits maturity via regulation, paired with the Proof of Stake incoming soon. Going to increase my stake.
FCA bans world’s largest crypto-currency exchange Binance Binance: Watchdog clamps down on cryptocurrency exchange - BBC News
How much of a setback is this for cryptocurrencies generally?
Just got this email from Ziglu:
They now offer support for all of the coins I hold, so I might use them for some of my selling in the future despite the higher fees than Binance, since if they decide to block my account for any reason then the live chat and telephone(!) support could come in very handy. The big exchanges are notoriously bad when it comes to customer support - Coinbase took about 2 weeks to send me a single reply in the past.
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I don’t think you can transfer crypto between Ziglu and other addresses, or can you?
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Oh damn, you’re right! You can tell I haven’t used it yet 
Well that’s a write off then, I’d never buy crypto on a platform where you can’t withdraw it, and I obviously can’t use it to sell the crypto I currently hold elsewhere.
Yeah, it’s pointless for any serious use at the moment
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China declares all crypto-currency transactions illegal China declares all crypto-currency transactions illegal - BBC News
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I don’t even want to look at my crypto portfolio rn
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Not usually keen on news coming from that part of the world but I welcome this one
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Robinhood is buying Ziglu
If it goes through
They’ve done alright for themselves then?
In fairness it’s not the worst app - I just signed up to tap for a £5 bonus and it’s a terrible app in comparison