Hey guys news just in binance have stopped all withdrawals in the uk. This is a really important development. That is a major concern for any uk customers who are using binance. In fact, i think this might be of concern to any other binance customers as well, because if this is the response, the finance is going within the uk.

What, if a similar situation with the regulator, was to arise in another country in the future anyway. So today, news has broken: the binance has blocked all card withdrawals from the platform for uk users, and this news comes in the back of bank account withdrawals via faster payments being blocked yesterday. So this leaves anybody in uk with no viable way of getting their money out of binance. This is a massive massive problem.

Technically you may be able to move your crypto out to another platform, but then you'll need to have an account there. You'll have to carry out the transfer and then cash it out from the other platform. This is presuming that crypto transfers don't get banned. Just like cash and card withdrawals already have been for uk customers.

All this comes on the back of the fca's decision to ban binance on friday. Last week i made a video about that where i explained in detail exactly what happened feel free to check it out in the description below. Unlike most other commentators, i actually read at the notice not the much shorter warning, because the notice explained everything in a lot more detail. Unfortunately, quite a few people left comments on the video saying that i am wrong and that binance is not banned, but unfortunately that's just not correct.

The fca has specifically said that neither binance market limited the uk company nor any other part of binance group have fca permissions to run regulated activities in the uk. Buying and selling crypto is not a regulated activity in the uk. I know that, but operating an exchange that allows people to transfer money and buy and sell crypto is a regulated activity, so while the customers are not doing anything wrong, the operation of a crypto exchange without being properly registered with the fca is illegal in the uk And presumably this is what has caused the issues with the payments to occur. So now, if you live in uk and you have an account with binance, the only two methods available for withdrawing pound sterling back to your current account or wherever else are both unavailable - they have both mysteriously disappeared and been placed under maintenance.

Now, over the weekend, binance denied there were any issues at all. They said that this notice in no way affects anything on their app or on binance.com on twitter, binance posted a chain. That said, we are aware of recent reports about an fca uk notice in relation to binance markets. Limited bml bml is a separate legal entity and does not offer any products or services via binance.the bionics.com website.

The binance group acquired bml in may 2020 and has not yet launched its uk business or useless fca regulatory permissions for questions related to bml. Please contact compliance at binance.uk, i'm going to continue the thread. The fca uk notice has no direct impact on the services provided on binance.com. Our relationship with our users has not changed.

We take a collaborative approach and working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space. It appears that the shred was somewhat misleading. I would argue that the fact that uk customers can no longer withdraw money from the platform by any means within hours of these tweets going up is definitely a direct impact on the services provided on binance.com and the relationship with users has most definitely changed.

They also said that they take a collaborative approach in working with regulators, but reports of the last couple days suggest the opposite. I cannot verify these reports, but it has been reported through various different sources. The binance pulled out of the process of registration with the fca a few weeks ago, either in may or june, and this response from the fca came shortly after that happened. Apparently, the reason for this pulling out was because the regulators wanted to know more information about binance's company structure.

Therefore, legal structure and all other information that binance did not want to disclose, and therein lies a massive problem. If a financial company does not want to disclose basic operational information to a regulator that every other financial company that is authorized in regulated uk does disclose, surely question marks would naturally appear. Why would you pull out of the registration process? What information is binance wanting to hide from the regulator to the point of pulling out of the registration process where that information is requested with faster payments? Yesterday, it is not clear exactly what happened: did faster payments block binance from being able to press the payments or did binance simply stop processing those payments? But today's development with cards is much more serious. The guardian is reporting that the visa spokesperson said there were no issues with its service and they are the company providing the facility to binance for card withdrawals.

So, based on that, it sounds like binance have decided unilaterally to stop uk customers from being able to take their money out, and this is extremely worrying and concerning because that is a very bad sign. I hope this actually is some weird temporary block. I really really do, but history shows that too often this is a very bad sign. Now, in the last few minutes, natwest had become the latest bank to block transfers to crypto exchanges, including binance, joining a long list that is growing very fast of uk banks, financial services companies who have done exactly the same thing in the last few days.

It is actually now hard to find a uk bank that does allowed. Unfortunately, it appears that binance are choosing to ignore this whole issue, as if nothing happened, there's been no updates at all on their twitter, which is their primary social media account. It seems at all about the payment situation in the uk, and many customers are reporting absolutely no response to their queries and, in the meantime, their twitter binance's twitter keeps celebrating their own achievements record numbers of transactions and have even posted a letter from the uk. South east regional organized crime unit which thanks them for their help in battling illegal activities.

Now, if a company that holds your money, decides to hold on to it and stop you from being able to get it back, stops you being able to access it? Would you expect them to maybe say something about it? Make some kind of announcement according to financial times, checkout.com pay, uk and clear junction are all involved in the processing of payments for uk customers through binance, and all of them have declined to comment on the situation. You make your own decisions as to what's happening. It is clear that something is happening and it isn't looking good. I hope you found this video useful.

If you have, please don't forget to hit the like button, because i am sure a lot of people are going to be doing the exact opposite. Thank you so much for watching. I really really appreciate it. As always i'll see you guys later, you.