All we want to know is which crypto exchanges are supported by Monzo.
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Unfortunately I donât think Monzo will play ball on that one.
Their bank, their rules.
In terms of Monzo Vs other banks I think Monzo is pretty crypto friendly overall. Certainly looking at the likes of HSBC
They could easily provide a whitelist or a blacklist but I doubt they will. Itâs not in their interest unfortunately.
Itâll be a case of try and see. If itâs blocked itâs blocked.
Thatâs what I read somewhere.
This would help us greatly.
I blame the crypto exchanges when it comes to banks deciding to block them.
A lot of them, particularly the biggest exchanges, seem to arrogantly ignore specific AML/KYC regulations in the countries within which they operate. For example, I donât see any of the really big exchanges here:
https://register.fca.org.uk/s/search?predefined=CA
I suspect if they were more compliant, there would be less instances of banks blocking transactions.
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Thatâs also because they donât technically operate in the UK so the FCA has no impact on them.
There was a recent case with Binance where it was the Binance Markets Limited (the UK sector) wasnât registered and compliant.
(Thereâs a side story where they bought a random company that was FCA compliant and tried to use that as an umbrella).
Which caused a lot of bearish news until it transpires that BML has no active products whatsoever.
The UK customers go through the .com business which has no jurisdiction with the FCA at all.
US SEC is after those coin/token issuers who are not following securities law. But they are not into blocking crypto investments even from their pension funds or ETF etc.
But UK govt has a very strict stance on everything to do with crypto (exchanges, ETFs, derivatives etc.). Many UK banks are blocking transactions.
That may mean FCA canât do anything to stop them operating, but they still could choose to abide by UK standards when serving UK customers.
Personally, I feel if crypto-exchanges decide abiding by UK KYC/AML expectations is not worth their time, they (and their customers) shouldnât be surprised if UK banks block them.
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Yeah the FCA isnât applicable here. They could tell stop but it doesnât mean anything legally.
Essentially its them providing a service and UK customers are seeking them out. A bit like I was pretending to be American and using a service meant for Americans.
I think the FCA is regarded as a pain in the ass by most of these businesses so they donât want to jump through their hoops.
Going back to Binance itâs clear they were planning on launching specific UK products, but didnât want the hassle of being FCA complaint. FCA saw through their plan of simply buying a random compliant shell business and smacked them down on that. I donât know if weâll ever see UK specific products now, at least not from them.
Here was the statement after the FCA tanked the Bitcoin trading with their ambiguous statement and everyone yelling the FCA has banned Binance for 5 mins and news articles copy+pasting the story without checking the details. 
Was a rough week of constant bearish articles like China banning for the 34th time.
From what I read, FCA wanted details on Binance parent company, that Binance was not willing to reveal. Why should FCA be bother about parent company, so long as the Binance UK was going to be compliant.
Binance.com wants not to be controlled by any specific jurisdiction, but they have set up subsidiaries for each jurisdiction, e.g. Binance US (to comply with local regulations)
I donât know about that wanting details on the parent but what I do know is that Binance bought a random company that was called Eddie UK.
Eddie UK was FCA compliant but didnât do anything.
They then renamed Eddie UK to Binance Markets Limited in the hope they could roll out UK products without the FCA noticing.
Itâs sneaky but itâs a legal loophole. FCA then didnât like that which is understandable as it makes a mockery of them, and so caused a rift with CZ.
I donât know if itâs because CZ was trying to fast track or that he didnât think he could gain compliance or just didnât want to play ball.
This is a common practice to acquire licensed companies, banks do this all the time when they need to operate in another country. Banks are more prone to AML than crypto exchanges.
Binance US is SEC compliant, Binance.com is not.
If BML was going to be FCA compliant, why does it bother to FCA if the parent company is compliant or not?
I agree, crypto is blacklisted only because the banks and the powers that be donât want us to have financial freedom. They clamp on cash, now on this. I get why some of my suppliers, service providers and other associates like crypto, because you send them an amount and they know how to pull it, various amounts in various fiat currencies. This is cheaper than constantly converting. These days many of us are here and there, it just makes life easier. Or, i have a developer who charges us in crypto, because he has people working in various currency countries like Hungary and Switzerland and Bahrain etc, so its better for him to get payment in crypto, then he splits it and people pull out what the want. Regulations never have stopped the criminals and never will, because its them who pass them. And as for money laundering, try London antiques shops, thats the place where nobody ever buys anything yet the keep selling stuff to one another. Anybody regulates them?
Lol.
I donât understand these types of comments. My view is the banks donât care what you do with your money, they just donât want it going through their platforms.
Itâs not about controlling what you do, itâs more for protection for them, and their customers, given the amount of fraud and scams that occur.
Not all banks block the payments, they just have a duty of care to ensure youâre not going to lose your money based on events that are seen daily.
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