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Breaking News: New Pro-Crypto Plan Unveiled By SEC And CFTC: Could Traditional Markets Go 24/7?
New UK Crypto Rules: How Binance And Coinbase Are Adapting

New UK Crypto Rules: How Binance And Coinbase Are Adapting To Regulatory Changes

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto regulation
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Two crypto industry giants, Binance and Coinbase, have recently adjusted to align with the United Kingdom’s crypto regulations to continue their operations in the country.

These changes are pivotal in the crypto industry’s journey as countries grapple with integrating digital assets into their financial systems worldwide.

Related Reading: Crypto Collision: Coinbase’s CEO Brian Armstrong Challenges Chase UK’s Sudden Ban

The FCA’s Stance On Crypto

The Financial Conduct Authority (FCA), the UK’s financial regulatory body, has been forthright about its concerns regarding crypto investments. The authority classifies these investments as high-risk, noting their potential for significant financial losses.

CryptoBusy, a prominent Bitcoin analyst, recently shared these sentiments on X (previously known as Twitter). The post underscored the FCA’s warnings about the inherent complexities of digital asset investments, highlighting potential pitfalls such as the absence of regulatory protections and difficulties in liquidating investments when desired.

Furthermore, the FCA suggests that investors tread carefully, diversifying their portfolios rather than placing all their financial eggs in one basket.

🚨 Both #Binance and #Coinbase are now operating under new UK Crypto rules 👇

“Due to the potential for losses, the Financial Conduct Authority (FCA) considers Crypto investment to be high risk.”

What are the key risks?

1. You could lose all the money you invest
2. You should… pic.twitter.com/CJtLVAu2DT

— CryptoBusy (@CryptoBusy) October 11, 2023

How Binance And Coinbase Are Responding

In the face of these guidelines, Binance and Coinbase have swiftly adjusted their offerings for the UK market. In its recent announcement, the former clearly stated that crypto investments wouldn’t benefit from the protection of the Financial Ombudsman Service or the Financial Services Compensation Scheme.

The exchange has taken additional steps to ensure regulatory compliance by limiting certain services to UK Professional Clients. Among these restricted services are spot trading of over 350 cryptocurrencies and the ability to transact in non-fungible tokens (NFTs).

Coinbase, on the other hand, echoed similar sentiments by urging UK-based investors to exercise caution. They advised potential investors not to venture into the crypto space unless they are fully prepared to bear potential losses, emphasizing the high-risk nature of digital asset investments.

Related Reading: UK’s FCA Adds 143 Crypto Entities In Its Warning List Of Unregistered Firms

Notably, as a part of its compliance with the new UK rules, Binance has recently launched a dedicated domain for its United Kingdom users. According to Binance, the newly established UK domain – www.binance.com/en-GB – ensures that only services compliant with the prevailing marketing regulations are accessible.

UK update https://t.co/7ET9J6KTj4

— CZ 🔶 Binance (@cz_binance) October 6, 2023

This encompasses services such as fiat and crypto transactions, spot trading, margin trading, Binance pay, and crypto-backed loans. Conversely, certain Binance offerings will be off-limits to UK patrons, including features like Binance gift cards, academy, research, feed, and referral bonuses.

The global crypto market cap value on TradingView amid Binance and Coinbase news
The global crypto market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image from Unsplash, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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