I mean this is the Monzo forum and they’re following the recommendation of one of their regulators
Not sure what folks expect
I am pretty much completely indifferent to the FCA, but not inch of my being feels that Monzo should be doing any different here
Indeed that they have not made the blanket decision to ban all crypto products (a consistent position I would be fine with personally) when they could choose to do so indicates that this is not something done on a whim
You’ll probably need to make a pot of tea and go through the last 50 posts but basically the tldr is they aren’t following it.
That’s the point of the discussion, they need to actually look into this because it’s fairly clear a decision has been made on misinformation.
Whilst Monzo have every right to ban any business what they are citing as the reason isn’t valid.
I’ve had my pot of tea already, it being 2am, and skimmed it all
I suggest we have a difference of opinion, but that the company’s appeals to internal structures is just the financial equivalent of semantics
I’ve been vigorously defending Monzo for several years now, always opting into betas, paying for a metal card I don’t really want or need, and then with zero notice my primary source of income has been casually removed, at the point of sale.
In a stroke Monzo have inverted my perception of the brand, and I shall make it known to those I’ve expended effort bringing into the project.
Well you do that, it is your absolute right of course, but Monzo don’t need to support any of these payments and could have chosen not to regardless if what the FCA ever said
I’m off to sleep now and I must stay out of crypto currency topics as there is just never going to be any position folks agree on
It’s not about us agreeing, it’s about letting Monzo know voices of concern.
Nothing personal but I can see why you had the blunt reply from @rednax
The conversation was civil and valid. 
It’s a bit like stepping into a passionate discussion that’s been going on for hours and going “ssshush” 
I don’t want to listen to this. Rather than ignoring and walking away.
There is really no need for this thread to be closed
Monzo do indeed need to support payments with Mastercard, unless a local governmental or regulatory requirement says otherwise. The issue here is that Monzo have completely misunderstood an FCA tweet on one company, and enacted a ban on a different company.
I’m sure that’s exactly what happened
Night
Basically it’s funny because it’s true 
Anyway night everyone 
We’ll wake up and either it’s locked/hidden or Monzo staff lurkers are feeding back it needs looking at. Probably the former, but 
it’s actually taken onboard and it gets back to whomever pushed the button to make the decision to block Binance.com
It’s precisely what appears to have happened.
Sleep well.
If course it will be.
Fortunately session replay exists.
What Monzo account holders are seeing as an inexplicable error in placing an outright ban, is more likely to be pressure from the regulator to enact a ban in order to continue trading without any legal basis in fact, which in itself is a signal for consumers with an interest in DeFi to abandon Monzo as a legacy provider of fiat services.
What a difference 24 hours makes to customer perception of a brand. It didn’t change the legacy system, it became part of it, willingly, without even bothering to notify it’s customers of it’s assimilation.
“we had no choice” is your undoing. You didn’t even try.
I do find it really surprising that those defending binance on this thread think that:
To those holding crypto in binance, yangmi when the crash comes, and the FCA and monzo are trying to do you a favour.
The FCA knows what it regulates, and it’s job is to regulate financial entities dealing with UK customers.
Just to clarify we haven’t said anything about them not knowing what it regulates. We’ve said that they have no regulation to UK customers regarding the Binance.com business. They do however have regulatory control over Binance Markets Limited which is what they said.
You’ve misunderstood the FCA article like someone at Monzo. Your are not alone with this, lots of news publishers also got it wrong in June by copy+pasting each other, then later had to issue updates to clarify it doesn’t affect Binance.com. This nuked the Bitcoin price and then restored it again on clarification as UK customers freaked out and then had nothing to worry about.
The FCA have stated that BML is not regulated to provide UK products. This is completely true. However BML, the UK registered business, is not Binance.com, other than having the word Binance in the name it’s not the same business, completely different.
To clarify again BML also have no active UK products.
That’s what we are hoping. 
Not tweets, press articles by the FCA which they also tweet out the headline and link to it when released.
What? 
Tether is nothing to do with Binance.com it’s like saying Manchester United having something to do with Amazon.com
I believe Revolut term your legal rights as:
‘You will own the rights to the financial value of any cryptocurrency we buy for you.’
But not actually the currency itself which is, as you state, in one big pot.
Interesting about how they have expanded the feature since I moved to a proper exchange ages ago.
Yeah it’s all listed in their terms, but people don’t read them. 
I still recommend Binance.com or Kraken or Coinbase Pro.
Revolut is not recommended other than basic trading and a bit of fun.
If you want to hold your own, where you have full control, then it’s a very poor option.
If you are with Monzo just onboard with another route and transfer to Binance.com
It’s like an ISP blocking a website and having to use a VPN to access for anyone reading this. Basically Monzo shouldn’t be blocking the route.
If you are with Monzo as your main bank, then it makes sense to have a second bank with a legacy purely for crypto.
Also I have to really emphasis this that even IF the FCA regulated Binance.com this isn’t what the FCA provides.
If the price of Bitcoin went down and you realised a loss then you don’t magically get your money back.
It’s the same with stocks in that regard.
Also Monzo aren’t protecting you, it’s protecting or thinks it’s protecting its own business. It’s read the article and gone Binance Markets Limited isn’t regulated, well we better make sure we aren’t letting customers send money to that, payments going to Binance.com 
must be the same thing, we’ll block that. Done.
We just need that same person at Monzo to realise Binance.com is a different business and FCA doesn’t regulate them.
Next week inside Monzo HQ
you do realise BML isn’t Binance.com ?
oh but it has the word Binance in the name, isn’t that it?
No the FCA were talking about BML. We can block payments to that to show we support FCA statements but BML don’t actually have any active products.
No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.
Either you are wrong or the FCA is wrong about their primary area of competence
No what the FCA have stated there is 100% correct.
Binance.com have no active business in the UK.
UK people are currently using a non-UK business in the same way like anything else the FCA doesn’t regulate.
If they want to use their UK registered business (BML) and create UK products then they would need to jump through the FCA hoops.
As explained further up they planned to do that, rather cheekily by buying an already approved FCA business and using it as a shell.
That didn’t turn out as they planned as the FCA spotted that loophole and wrapped their knuckles. So Binance.com said well we’ll put that idea on hold them. FCA then responded with that ambiguous article which freaked everyone out until they realised it didn’t affect Binance.com
Monzo being slow to the game (this all occurred in June) has done the first bit of freaking out and blocking, they haven’t done the second bit yet and realise it doesn’t affect Binance.com
Nothing causes arguments like crypto, it’s a cult!
I don’t think there’s any arguments here.
It’s like a person wondering down a hospital corridor and overhearing a medical discussion between doctors, then going I read on the dailymail that x-rays give you cancer, and continue walking.
You basically get a lot of keyboard lawyers and people regurgitating statements without having any experience with crypto other than reading a couple of articles and think they know the score.
It’s why you get people chiming in with “Bitcoin is used for money laundering ain’t it?” Without actually thinking through banks have been used for money laundering for decades and still will be because openly displaying your laundry in public isn’t a smart idea where the ledger is public and Bitcoin isn’t anon.
You also get the well “good luck paying for that in Bitcoin it’s so volatile” without knowing that Bitcoin would make an incredibly poor payment method and that specific altcoins are designed for transactions.