07 Jul Ripple CTO bashes UK financial regulators as Barclays Bank halts payments to Binance.
The controversial decision by the Financial Conduct Authority (FCA) to ban the world’s largest cryptocurrency exchanges for anti-money-laundering (AML) and know-your-customer (KYC) reasons has come as a shock to many people. The decision also comes as a surprise to many people that cryptocurrency is not a form of money. The decision also comes as a surprise to many people that cryptocurrency is not a form of money. The decision also comes as a surprise to many people that cryptocurrency is not a form of money. What is known is that the FCA’s decision was to come down six months after a report by the UK Treasury Select Committee, which stated “some virtual currency businesses are now operating
The story behind the story: A few days ago, Ripple’s CTO, Stefan Thomas, called out the UK’s Financial Conduct Authority (FCA) over how it’s regulating cryptocurrency exchanges. The FCA has been trying to regulate the cryptocurrency market since 2017, but it’s also hampered by a lack of knowledge. Thomas questions whether the FCA has a grasp on the technology of blockchain and cryptocurrency.Crypto-currency leaders are calling for freedom of choice following the horrific ongoing crackdown on Binance by UK authorities and banking institutions.
Barclays Bank stops trading on Binance :
British bank Barclays said on July 6 that it is banning payments on Binance with a debit/credit card to help people protect their money.
Outraged by the development, Ripple’s CTO David Schwartz tweeted: We live in a world where the banks won’t let people send their money where they want it, where the banks won’t let your money go where you want it.
We live in a world where banks protect people’s money from where they specifically want to send it, where banks protect your money from where you want to send it. 1/2 https://t.co/c3FzB1HN89
– Ｄａｖｉｄ Ｓｃｈｗａｒｔｚ (@JoelKatz) July 6, 2021
David added: Governments pursue policies that make it harder for people to avoid financial intermediaries whose policies determine how people spend their own money.
FCA Consumer Warning:
Barkleys Bank’s action no doubt stems from a recent consumer warning issued by the UK’s Financial Conduct Authority (FCA).
On the 26th. The consumer warning issued in June was aimed directly at the Binance Group. It noted that since Binance’s UK subsidiary, Binance Markets Limited (BML), is not licensed by, or registered with, the FCA, the company cannot operate without the authority’s approval.
FCA general advice on cryptocurrencies:
The FCA has continued to educate consumers about the disadvantages of investing in cryptocurrencies. The FCA stressed that people should look closely at the assets they are investing in and check the authenticity of the firm through which they are investing. The agency advised people to be wary of any investment opportunity that involves exuberance and seems too good to be true.
The FCA also pointed out that most companies offering cryptocurrencies are not regulated by the agency, and if something goes wrong, the company is not entitled to financial protection.
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