Binance isn’t offering futures, derivatives or indices of any kind within the UK.
Could you provide me with an office or over the counter location you believe this is taking place?
They are selling them to U.K. consumers, therefore it falls under the FCA. The FCA can take steps to protect U.K. consumers from such products if they might put them at risk, and banks have a role to play in that.
We’ve been through this several times now really, if you think it’s wrong, write to the FCA
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Bold claim. How do you know that Monzo haven’t correctly barred it because they’ve identified 70% of transfers to it being fraudulent in some form?
To be clear, I’m not asserting that I know that is the case; rather, I intend to point out that no-one knows why Monzo have blocked Binance, which means it’s impossible to say if they’ve done so incorrectly or not.
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Binance are not selling anything other than crypto to UK buyers, which as already made clear is property, not currency, legal tender or a financial product of any kind. How many times must this be told to you before you understand?
They are selling futures and options too, there’s a tab in the app.
It’s not a bold claim, it’s a fact.
I have to jump in and say Binance isn’t a Chinese company.
If it’s Chinese because the CEO is Changpeng Zhao.
Well he’s Canadian.
Anyway the point still stands it’s not a UK company, nor does it have UK products.
In the eyes of the law it does not answer to the FCA.
If anyone is interested they were going to launch UK products by buying a shell company that were already FCA approved and then operate under that.
FCA didn’t like that loophole so slapped it down. Binance and FCA have an ongoing spat, hence why FCA released that ambiguous article which nuked the BItcoin at them time in the same week Bitcoin was banned in China for the 34th time and other FUD articles all in the same week.
Basically someone at Monzo hasn’t realised that BML wasn’t Binance.com so shouldn’t be stopping payments based on that article it links to in the help section as the reason.
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No it doesn’t, I don’t think anyone is saying it does. It can offer what it likes.
UK banks and payment services answer to the the FCA though, and if the FCA wants them to stop sending payments to Binance to protect U.K. consumers they can do that. Binance doesn’t have to change or do anything though.
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Binance offer the purchase of crypto, recognised by the UK government as property.
The fundamental problem you seem to be having here is that you’re treating crypto as money. It’s not, it’s currently treated as property.
If it were treated as money, then it would fall under the FCA’s remit regarding FOREX trading markets.
Cayman Islands as a business I think but I don’t think it has a specific physical location now. It’s not China at all. That’s where it originally had the business, then swiftly Japan, but it’s really the last place on earth you would have a business now due to all the Chinese gov pressure because of their own CBDC.
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I can only repeat one last time that this is clearly explained in the press release, that some of what Binance sells (for example, crypto futures) are considered financial products.
While we don’t regulate cryptoassets like Bitcoin or Ether, we do regulate certain cryptoasset derivatives (such as futures contracts, contracts for difference and options), as well as those cryptoassets we would consider ‘securities’ – find out more information.
This isn’t too hard to understand really. You buy oil, that’s property, you buy oil futures, that’s a financial product
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Correct. They were previously based in China and still operate their business there, however the administrative HQ is in the Caymans. The only country thus far to have barred them is the USA.
Binance does not sell any of the financial products you erroneously claim.
You don’t buy oil futures with oil, and you don’t take profits from oil futures with barrels of oil.
I don’t think they operate their business in China. It really wouldn’t make any sense with the Government to have a crypto business registered and active there. It’s incredibly hostile against crypto and crypto activities. Unless they are pretending to be a completely different business and having a secret spy room behind a false wall with VPNs controling it all like it’s a movie.
In reality I think it’s hosted and controlled in America/Canada but probably has servers all over the world (apart from China).
In that case there’s no need to send money to them from a bank account so what’s the problem?
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I mean all I can say is that clearly the lawyers at the FCA think this counts as selling a regulated financial product. And I’m struggling to see the argument that it isn’t really, but anyway, again, really time to take that up with the FCA
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If you used Binance to buy lemons, and then traded your way from 1 lemon up to 10 lemons, then great, you’ve got 10 lemons. Does the FCA have a remit on what you decide to spend on lemons?
The FCA’s remit comes into play when you sell your lemons for pound notes and that money flows into your UK bank account. You must show how much money you spent on lemons, what your capital gains were, and pay the appropriate taxes.
The FCA do not regulate the purchase of lemons, yet we find ourselves in a situation in which a major competitor bank has now blocked the purchase of lemons.
I guess if a lemon futures market opens up where you can only buy into it with lemons the FCA will need to take separate legal advice on that 
There’s no such thing as a lemon futures market, the FCA don’t regulate lemons or the trade of lemons. You can buy a lemon with Stirling and grow into a lemon tree.
The FCA’s remit only comes into play when you swap lemons back to Stirling, as that then becomes a financial transaction they are interested in and regulate in order that you pay the appropriate taxes.
The FCA can’t simply ban you from buying whatever legal product you want with your Stirling, that’s the basis of a capitalist free market.