The Financial Conduct Authority of Binance has completely restricted Binance’s ability to carry out any regulated activity in the UK. This does not completely put an end to Binance in the UK as it can still trade with UK customers. However, it can’t provide other investing services which are unique to the platform. The company also has to put a warning for UK users on its website and app, which will highlight the FCA ban.
Binance has also put up its own set of restrictions to combat the widespread fraud that is continuing to take place by eliminating the ability for UK customers to make withdrawals using bank cards, in addition, to directly transferring money into their bank accounts. This will limit the chances of people scamming people via bank accounts and force transactions through the Exchange which assumingly will provide greater security, Although this does make it less convenient for avid Binance users in the UK.
NatWest Group is the largest commercial bank in the UK that is working to be more transparent and cater to its users while offering the best services to the community. The Natwest app is using alerts to warn people about potential scams by describing what these scams look like and what kinds of things they say to lure people in. It also gives precautionary measures along with things you could do to prevent future scams.
Binance has also been working with the regional crime unit in the UK to prevent scams. It is great to know that considering its reputation has taken a major hit after many fraud cases. Dealing in cryptocurrencies has always been a difficult task and protecting its users is something that Crypto Exchanges have to prioritize at any cost to maintain their customers.