No, it's not FUD that Binance was stopped from operating in the UK. Here's what happened.

There seems to be a lot of morons here attacking people that spread the news that Binance was banned from operating in the UK. Calling it FUD because actually it was Binance Markets. But that is just moronic. Binance Markets is still Binance it will be affected in different ways. Its also moronic because we are supposed to be a developing community that helps eachother grow, share information, route out FUD and above all be kind to eachother.

So... Binance have been trying to get into the UK Markets (https://www.binance.co.uk/) ever since brexit looked like it was going to cause issues with some trades etc...

They partnered with a company called ClearJunction to enable european to uk transfers as a temporary fix so they can enable fiat deposit/withdrawals. (Recently, many banks are stopping CJ from doing this and so are transferwise/revolute now I believe).

Binance .com is registered in the Cayman Islands (go figure) but in order to have any UK standing and ability to have direct transfers without a third party they need a UK presence.

They started these two:

Binance Ltd: https://find-and-update.company-information.service.gov.uk/company/13317019

Binance Europe: https://find-and-update.company-information.service.gov.uk/company/12495902

However, to try and get access to financial frameworks and networks in the UK they actually bought a company called "EDDIEUK LTD" and changed it to Binance Markets: https://find-and-update.company-information.service.gov.uk/company/09510915 ( I also suspect this was a business move to have a longer incorp. company for good standing and image)

I suspect this was also an attempt to get around regulation as the previous company was regulated (probably didn't realise they needed to re apply for regulation) and was hoping to carry on the business as it was.

And then, Binance Markets with its takeover of Eddie was re-evaluated. Because Binance Markets is associated with Binance and directly wanted to trade assets and funds, and in order to be fully vetted the FCS asked Binance Markets to supply info of users coming from Binance that will be using the UK platform and some other information about the comany - the usual stuff to check its not terrorist money etc... . Binance refused (yeah fuck the power, but also damn) and thus Binance Markets was denied legal regulation.

Binance recently shared a letter where they helped a UK authority track down "bad people" on the dark web so its clear CZ doesnt mind sharing users personal information. It raises the question as to what he didnt want the uk government to know about binances information.

How does this affect Binance operating in the UK? There are probably many more ways than this I think:

Now the FCS will be keeping an eye on Binance activity and anyone that partners with them. As we have already seen with CJ - they might stop their partners also getting regulation meaning banks will stop using them. This might also cause issues with business adoption and tech development in the UK. This might create a UK based crypto power vaccume a competitor could take over.

tl'dr binance .com refused info to the regulatory authority. However the uk authority can only ban a company that exists in the UK. Binance markets was that company. Now they can't. Next they might go after partners. I think this means we are possible in for some turbulent times. They could even stop regulated exchanges uses BNB or ban any BSC transfers to happen. App stores could be forced to remove apps that do etc...

If you think this doesnt affect binance it does. Do you think the FCS is going to let any other company open up, linked to binance and not give that information. They have made it clear they want it from binance. They will not let up on this.

Id be interested to here other peoples thoughts.