The FCA has been clear that binance is operating without proper authorisation in the UK (both the UK subsidiary which was banned and the International arm which hasnāt even applied). You can expect transactions with them to be treated as suspicious by all UK banks at some point.
Personally I would not trust binance because of their links to other shady operators like tether and refusal to be regulated.
I wish Monzo could just clearly state what their problem is and offer clear ground rules for customers (i.e. donāt use binance) but it seems they canāt because of badly written laws.
Thereās some nuance here. The FCA doesnāt regulate cryptocurrency exchanges currently. What the FCA banned was Binance providing futures and other derivative products based on cryptocurrencies which is regulated by the FCA. It would be the same if they were selling pumpkin futures without a license. Binance can still provide all their other services and do.
Hi, I would like to ask @fryry or anybody else if they know a safe way to deal on Binance p2p. I tried trading there with revolut and wise and both accounts got closed.
I have used my Monzo account several times without issue on Binance P2P but you never know what the banks will do. I think having a long account history, some premium packages with the bank (plus, deluxe etc.) and some loans, credit cards etc. makes them think twice about giving you trouble. I think a new revolut, wise account that starts getting random transfers will get shut down fast.
I was trying to transfer money to Freetrade last week from Monzo and they stopped the transaction and demanded some sort of āproofā, which doesnāt exist for topping up your broker account. I basically yelled at them in the chat and told them Iām moving banks and they let it go through.
At the end of the day, I keep less and less money in the banking system. The banks have become authoritarian jobsworths, the pound is toilet paper and you can earn 12% on USD stablecoin in crypto without worrying about anyone closing your account or freezing your money.
I donāt know anything about this bank. I have accounts at many of the standard banks mainly to get the switch fee, zero interest credit cards and the savings accounts. To avoid any charges I switch a couple of direct debits as well. The banks make money on direct debits so I assume they are less likely to dump you.
Also canāt you demand them tell you why you have been dumped, maybe not now but in the future.
Farage got all that info out of them in the end.
As an aside the bitcoin site you are using sounds a bit dodgy.
