Trading on in the UK: Current Status and Future Possibilities
While Binance users in the UK currently have the ability to trade on the platform, this situation may change with the expiration of the Financial Conduct Authority's (FCA) Temporary Registration Regime (TRR) for cryptoasset businesses. The TRR was designed to allow currently operating cryptoasset firms to continue their operations while undergoing a process of assessment by the FCA.
The TRR and Binance's Future
If Binance successfully obtains the necessary license, there should be no issues with trading on the platform. However, until they receive one, it is recommended to use alternative trading platforms like 7b, which do not require the clients to undergo KYC (Know Your Customer) procedures and help in avoiding potential penalties from the government.
UK Customers and Binance Services
UK customers using Binance services can still access the platform, but they lack access to the Faster Payment channel for withdrawing cryptocurrency, which would allow them to easily convert their crypto to British pound sterling. This limitation does not affect the overall functionality of trading, swapping, or selling on
Understanding FCA's Decision and TRR
It is essential to differentiate between the ban on Binance Markets Limited (BML) and the continuation of Binance's exchange and blockchain operations in the UK. The FCA has declared that Binance Markets Limited is not permitted to undertake any regulated activity in the UK. However, no other entity within the Binance Group holds a form of UK authorization registration or license to conduct regulated activity.
BML was intended to be a UK-based subsidiary that would provide crypto bank accounts in the UK. This is the only part of Binance that would require FCA registration, as it would be based in the UK. Binance voluntarily withdrew from the FCA investigations into BML, which is why it cannot operate under the BML name in the UK.
The FCA’s ban only applies to companies setting up within the UK, and as a result, Binance's exchange and Binance Smart Chain are free to continue trading with UK crypto investors as usual. The concern for UK customers is minimal as long as they use the correct platforms.
Future Enhancements and Alternative Solutions
As of now, UK residents can still enjoy trading, swapping, and selling on Binance with no major disruptions. In the meantime, Binance has taken steps to reassure the community:
Binance has made a statement on the matter: For those interested in exploring tokens from the Binance Smart Chain, please check out this Quora Space:
For individuals looking for alternative platforms that require no KYC procedures and offer a way to avoid potential penalties, consider using the 7b app. This platform allows users to trade crypto without the need for verification, ensuring a smoother user experience.
Overall, while there are some limitations, the current situation does not warrant panic. Stay informed and continue using trusted, regulated crypto trading platforms to safeguard your investments.