{"id":518326,"date":"2023-02-01T14:00:08","date_gmt":"2023-02-01T14:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=518326"},"modified":"2023-02-01T12:59:11","modified_gmt":"2023-02-01T12:59:11","slug":"binance-lauds-united-kingdoms-proposals-to-properly-regulate-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-lauds-united-kingdoms-proposals-to-properly-regulate-cryptocurrencies\/","title":{"rendered":"Binance Lauds United Kingdom&#8217;s Proposals To Properly Regulate Cryptocurrencies"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Binance, a top cryptocurrency exchange by trading volumes and client count, has praised the United Kingdom&#8217;s decision to consult as they look to establish a framework that will see cryptocurrencies better regulated, spurring adoption in the region.<\/span><\/p>\n<h1><span data-preserver-spaces=\"true\">HM Treasury Report Released<\/span><\/h1>\n<p><span data-preserver-spaces=\"true\">In a tweet on February 1, following the United Kingdom&#8217;s HM Treasury\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.gov.uk\/government\/consultations\/future-financial-services-regulatory-regime-for-cryptoassets?utm_medium=email&amp;utm_campaign=govuk-notifications-topic&amp;utm_source=06026fb6-504e-4339-8a8a-587b276823e5&amp;utm_content=immediately\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">sharing<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0a report detailing the future financial services regime for crypto assets on the same day, Binance said they are welcoming steps taken by the government.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Binance<\/a> has vocally supported the need for effective and appropriate regulation to help with mainstream adoption of digital assets.<\/p>\n<p>We welcome the next steps from the UK Government in making this happen with the <a href=\"https:\/\/twitter.com\/hmtreasury?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@hmtreasury<\/a>\u2019s publication of plans to regulate crypto activities.<\/p>\n<p>&mdash; Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/35787776?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 1, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">The report sets out proposals for the United Kingdom&#8217;s financial services regime for crypto assets, including Bitcoin. <\/span><span data-preserver-spaces=\"true\">It also highlights the risks and opportunities presented by cryptocurrencies. <\/span><span data-preserver-spaces=\"true\">The report builds on previous HM Treasury proposals, which primarily focused on the role of stablecoins in crypto and the promotion of digital assets.\u00a0\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/coinbase-binance-crypto-price-manipulation\/\">Coinbase Exec Accuses Binance Of Crypto Price Manipulation<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">HM Treasury said the current proposals &#8220;marks the next stage of the UK&#8217;s phased approach,&#8221; and seek to make the region a leader in technology and innovation around digital assets. With proper regulations, HM Treasury believes providers will operate their businesses with certainty while also being in a better position to manage consumer and stability risks.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All consultative processes will close on April 23, 2023.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-518288\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-1.png?resize=1270%2C525\" alt=\"Bitcoin Price on February 1\" width=\"1270\" height=\"525\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-1.png?w=1270 1270w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-Price-on-February-1.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<pre style=\"text-align: center\">Bitcoin Price on February 1 | Source: <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">BTCUSDT on Binance, TradingView<\/a><\/pre>\n<h1><span data-preserver-spaces=\"true\">Binance: Proposals Will Promote Crypto Innovation<\/span><\/h1>\n<p><span data-preserver-spaces=\"true\">It should be noted that recent events, including the collapse of FTX, a cryptocurrency exchange, partly advised HM Treasury&#8217;s proposals.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In November 2022, the Bahamas-Based FTX filed for bankruptcy protection in the United States, taking billions of user funds with it. Sam Bankman-Fried, the former CEO, is under house arrest after <a href=\"https:\/\/wncen.com\/all\/former-ftx-boss-sam-bankman-fried-using-privacy-messaging-app-signal\/\">posting<\/a> a $250 million bond. His criminal case is ongoing in New York.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The fact that users, including those from the United Kingdom and the United States, lost funds in FTX could fast-track the development of laws around custody. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In the United Kingdom, the HM Treasury <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/1133404\/TR_Privacy_edits_Future_financial_services_regulatory_regime_for_cryptoassets_vP.pdf\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">admits<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that there is &#8220;no regime for crypto-asset custody&#8221; and industry feedback has picked out different models used to custody digital assets. This state of regulatory affairs, they note, could cause harm to investors, especially if the custodian files for bankruptcy.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/binance-coin\/binance-announce-transaction-limit-by-fiat-partner\/\">Binance Announces New Transaction Limit By Fiat Partner \u2013 What Could This Mean For BNB?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Binance believes a stable regulatory environment will spark innovation and create trust. These are the two ingredients that will foster long-term growth in the industry. Subsequently, the exchange is reviewing the details of the report&#8217;s consultation and is looking forward to contributing to the process.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2021, the United Kingdom&#8217;s watchdog, Financial Conduct Authority (FCA),\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2021\/06\/28\/cryptocurrency-exchange-binance-banned-by-uk-regulator.html\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">banned<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0Binance Markets Limited from undertaking any regulated activity in the region, citing weak measures to protect clients. The ban follows their withdrawal from registering with the FCA in May 2021, claiming they wouldn&#8217;t meet strict anti-money laundering requirements.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, Chart from Trading View<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Binance, a top cryptocurrency exchange by trading volumes and client count, has praised the United Kingdom&#8217;s decision to consult as they look to establish a framework that will see cryptocurrencies better regulated, spurring adoption in the region. HM Treasury Report Released In a tweet on February 1, following the United Kingdom&#8217;s HM Treasury\u00a0sharing\u00a0a report detailing the future financial services regime for crypto assets on the same day, Binance said they are welcoming steps taken by the government.\u00a0 #Binance has vocally supported the need for effective and appropriate regulation to help with mainstream adoption of digital assets. We welcome the next steps from the UK Government in making this happen with the @hmtreasury\u2019s publication of plans to regulate crypto activities. &mdash; Binance (@binance) February 1, 2023 The report sets out proposals for the United Kingdom&#8217;s financial services regime for crypto assets, including Bitcoin. It also highlights the risks and opportunities presented by cryptocurrencies. The report builds on previous HM Treasury proposals, which primarily focused on the role of stablecoins in crypto and the promotion of digital assets.\u00a0\u00a0 Related Reading: Coinbase Exec Accuses Binance Of Crypto Price Manipulation HM Treasury said the current proposals &#8220;marks the next stage of the UK&#8217;s phased approach,&#8221; and seek to make the region a leader in technology and innovation around digital assets. With proper regulations, HM Treasury believes providers will operate their businesses with certainty while also being in a better position to manage consumer and stability risks.\u00a0 All consultative processes will close on April 23, 2023. Bitcoin Price on February 1 | Source: BTCUSDT on Binance, TradingView Binance: Proposals Will Promote Crypto Innovation It should be noted that recent events, including the collapse of FTX, a cryptocurrency exchange, partly advised HM Treasury&#8217;s proposals.\u00a0 In November 2022, the Bahamas-Based FTX filed for bankruptcy protection in the United States, taking billions of user funds with it. Sam Bankman-Fried, the former CEO, is under house arrest after posting a $250 million bond. His criminal case is ongoing in New York. The fact that users, including those from the United Kingdom and the United States, lost funds in FTX could fast-track the development of laws around custody. In the United Kingdom, the HM Treasury admits\u00a0that there is &#8220;no regime for crypto-asset custody&#8221; and industry feedback has picked out different models used to custody digital assets. This state of regulatory affairs, they note, could cause harm to investors, especially if the custodian files for bankruptcy. Related Reading: Binance Announces New Transaction Limit By Fiat Partner \u2013 What Could This Mean For BNB? Binance believes a stable regulatory environment will spark innovation and create trust. These are the two ingredients that will foster long-term growth in the industry. Subsequently, the exchange is reviewing the details of the report&#8217;s consultation and is looking forward to contributing to the process. In 2021, the United Kingdom&#8217;s watchdog, Financial Conduct Authority (FCA),\u00a0banned\u00a0Binance Markets Limited from undertaking any regulated activity in the region, citing weak measures to protect clients. The ban follows their withdrawal from registering with the FCA in May 2021, claiming they wouldn&#8217;t meet strict anti-money laundering requirements. Feature image from Canva, Chart from Trading View<\/p>\n","protected":false},"author":384,"featured_media":518328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,6664,16125,5957],"class_list":["post-518326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-crypto","tag-crypto-regulations","tag-united-kingdom"],"acf":[],"yoast_head":"\n<title>Binance Lauds United Kingdom&#039;s Proposals To Properly Regulate Cryptocurrencies<\/title>\n<meta name=\"description\" content=\"Binance has praised the United Kingdom&#039;s decision to consult and establish a framework that will see cryptocurrencies better regulated.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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