Why does the UK impose restrictions on cryptocurrency transactions? | Author: Dwayne D’cunha | The Capital | June 2021
The Binance Financial Conduct Authority has completely restricted Binance’s ability to carry out any regulated activities in the UK. This does not completely end Binance in the UK, as it can still trade with UK customers. However, it cannot provide other investment services unique to the platform. The company must also issue warnings to UK users on its website and app, which will highlight the FCA ban.
Binance has also formulated its own set of restrictions to combat continued widespread fraud, prohibiting British customers from using bank cards to withdraw money, and also prohibiting direct transfer of funds to their bank accounts. This will limit the opportunities for people to defraud people through bank accounts and force transactions through exchanges, which may provide greater security, although it does make it inconvenient for avid Binance users in the UK.
NatWest Group is the largest commercial bank in the UK, committed to improving transparency and catering to users, while providing the best service to the community. The Natwest app tempts people to use alerts to warn people of potential scams by describing what these scams look like and what they say. It also provides precautions and steps you can take to prevent future scams.
Binance has also been cooperating with regional crime departments in the UK to prevent fraud. It’s good to know that after many fraud cases, considering that its reputation has been severely hit. Handling cryptocurrency has always been a daunting task, and protecting its users is a priority that Crypto Exchange must consider at all costs in order to maintain its customers.