So basically, the FCA is confused, Monzo are idiots who misread a simple press briefing, everyone who doubts crypto is a raving lunatic, only the 0.1% of the population who are cryptobros know what’s really going on 
As you clearly only value your own opinion I suppose it’s not worth discussing anymore
I have a feeling the FCAs decision on whether things like Crypto futures are to be regulated by them come down to the risk and complexity of the product. The reason they regulate platforms selling things like futures is that they are complex and almost inevitably, encouraging everyday people on to them is followed by people being ridden over by experienced traders.
It’s also about how people use them - if people are taking their money and putting it in and then expecting to mess around on these options and futures with an intention of financial profit that also makes it look like a regulated financial product.
Crypto futures look exactly like that, and I think the FCA believes it’s therefore responsible for consumer protection with those products.
I really doubt they are as concerned with what the products are bought and sold in. Maybe that’s a part of it, but I think it’s probably the product nature itself.
I’ve literally said a few times that what the FCA released was 100% accurate. They aren’t confused at all.
that’s literally in the post above yours.
What they didn’t do in that article is simply stat that the Binance.com (the one that that everyone uses) is completely unaffected.
Because they didn’t it’s incredibly ambiguous and easy to mistake Binance Markets Limited as an active UK business and read unrelated and panic.
It’s what half the world did and cause quite a few billion to be knocked off the price.
Binance later clarified it has no impact on Binance.com as the FCA don’t apply to them being a non UK business.
So Monzo aren’t idiots, they made the same mistake as a lot of news publishers before they later updated that Binance.com was not affected.
Slow to the game as this was relevant back in June and it’s almost December.
Because it isn’t. For the last time.
No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK. The Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.
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. A firm must be authorised by us to advertise or sell these products in the UK – check our Register to make sure the firm is authorised.
It’s really very simple:
Binance.com offers products that the FCA believes should be regulated by them before being sold to UK consumers
Binance.com doesn’t have any regulated entities in the UK
So it shouldn’t be selling to UK consumers and the FCA have warned UK consumers against using them
And once again, Monzo will be in regular discussions with the FCA, all banks will have been briefed in far more detail than the public release, they won’t be relying on a single public press release. The reason they point back to the FCA’s press release is they probably aren’t allowed to say anything about the FCAs policy apart from what the FCA themselves have made public.
FCA has an expectation that international firms who provide regulated financial services to UK consumers and businesses will seek authorisation even if they are headquartered outside the UK: https://www.fca.org.uk/publications/corporate-documents/our-approach-international-firms
Whilst FCA can refuse authorisation, I assume it doesn’t have the power to shut down international entities. But it seems entirely reasonable for the FCA to issue a public warning in the interest of UK consumers. If UK banks then also decide not to facilitate business with such firms, that seems reasonable to me too. The banks probably foresee a future in which they might get into trouble with the FCA for enabling UK consumers to access regulated products at a non-authorised firm, and maybe mitigating against that.
Nothing really stopping Binance from either doing what it takes to obtain FCA authorisation or blocking UK residents from accessing the products that are regulated in the UK.
And once again Binance.com are not selling these to a UK market.
There’s a clear distinction between being UK registered and providing UK products, and UK customers seeking out non-UK products.
If you read the whole article the aim is to specifically call out that the UK registered business (BML) for Binance cannot provide UK products. It doesn’t.
So UK people using Binance.com are not covered by any FCA protection. It the same breath Binance.com do not need to answer to FCA.
I still genuinely believe that Monzo have read the article and blocked Binance.com because of BML being unregulated. They’ve looked at the word Binance and gone snap we gotta block those so we look like we’re doing our part.
I do not believe FCA have been I talks with Monzo to specifically block Binance.com, otherwise all the other legacies and fintechs would have do so.
This is a decision by Monzo. They have every right to block, however the article they are citing (not the one you are quoting) for the reason isn’t relevant.
Yes you ve stated this belief several times but it is clearly not the FCAs which wrote:
The Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.
Its an agree to disagree here.
I’m fully on the side of Binance.com that the FCA can do one.
If you think FCA thinks Binance.com should be registered with them because UK people use their services then that’s great also.
As mentioned above I think Monzo have reacted late and blocked a service they should not be blocking. And I don’t believe they have been instructed to block by the FCA. It’s simply some person within Monzo, in my opinion not understanding that BML isn’t Binance.com.
I do think that because they quite literally and very clearly wrote it in the press release 
I noticed there were loads of posts on this topic, before realizing it was just a handful of new accounts posting repeatedly in a pointless attempt to get Monzo to change its mind.
I’m not seeing that, it’s mostly just been me repeating myself every few posts. And I ain’t new here 
Lets 
and leave it there then and end this madness.
I’m hoping Monzo staff lurkers are taking notes and going to feed this back to the higher powers to be looked at again, but I’m not holding my breath that they will.
I’ve escalated a complaint with Monzo and will be pursuing it with the Ombudsman once I have their final response.
I’ll also be pushing for compensation and the inconvenience of having to move my banking elsewhere at zero notice.
I would suggest others do the same, and make press aware of this situation.
Incidentally, it costs Monzo hundreds of pounds per complaint to the Ombudsman.
As Monzo have hidden this discussion we’ve moved to Reddit, which is also noted in the complaint.
Unfortunately I don’t believe Ombudsman can do much about that. I believe Monzo have a right to block a service. As much as you have a right to CASS and move to a different bank.
You may be able to push for having been given no notice in the change to service and it impacts on your income. But I don’t think that’ll result in much. A £20 we are sorry.
How have they hidden it?
No one has hidden this discussion.
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I always support going to the ombudsman if Monzo have messed up (I regularly tell people to here to do that) and I equally support your right to be able to transfer to Binance from Monzo.
However, I don’t think you have much of a case if referred. Whilst you have been disadvantaged, Monzo has a choice who it allows banking services or who it allows payments to as a private company.
You also have another method of transferring to Binance so the impact to you has been minimal.
That being said, why not try!
This is not Monzo. This is because people on the internet have found your posting objectionable. Someone from Monzo will review at some point.
As a point of fact, the discussion topic is still available and is not hidden.
And that choice has prevented me from running my business and earning a living.
I flagged that individual post because I found the phrase ‘dictating your ignorance’ wasn’t very friendly or in line with the community guidelines.
