Binance Lauds United Kingdom’s Proposals To Properly Regulate Cryptocurrencies

2023-2-1 17:00

Binance, a top cryptocurrency exchange by trading volumes and client count, has praised the United Kingdom’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’s HM Treasury sharing a report detailing the future financial services regime for crypto assets on the same day, Binance said they are welcoming steps taken by the government. 

#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’s publication of plans to regulate crypto activities.

— Binance (@binance) February 1, 2023

The report sets out proposals for the United Kingdom’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.  

HM Treasury said the current proposals “marks the next stage of the UK’s phased approach,” 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. 

All consultative processes will close on April 23, 2023.

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’s proposals. 

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 that there is “no regime for crypto-asset custody” 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.

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’s consultation and is looking forward to contributing to the process.

In 2021, the United Kingdom’s watchdog, Financial Conduct Authority (FCA), banned Binance 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’t meet strict anti-money laundering requirements.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 310.03 (-100%)

binance cryptocurrencies united kingdom framework establish look

binance cryptocurrencies → Результатов: 126


Фото:

Maltese Prime Minister Fraudulently Impersonated by Bitcoin Peddlers on Instagram

Malta’s Prime Minister, a noted fan of blockchain and cryptocurrencies, found himself unwittingly in the center of an investment scam as conmen fabricated a fake Instagram account in his name. As Bitcoinist has noted in the past, the tiny island nation of Malta has taken a number of steps in order to become one of the globe’s most welcoming and proactive countries when it comes to cryptocurrency and blockchain tech.

2018-8-27 10:00


Фото:

Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEX

In recent news pertaining to cryptocurrencies, a Chinese court has rejected an appeal from a trader disputing a previous decision that mandated he repay the value of 5 BTC accidentally credited to his Coinnice account, the CEO of Binance has demonstrated the company’s upcoming decentralized exchange (DEX), and Okex’s head of operations has discussed the […] The post Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEX appeared first on Bitcoin News.

2018-8-13 12:50


Binance CEO Discusses Bespoke Ledgers, the Future of Cryptocurrency and the Exchange’s Relationship with Coinbase

Blockchain technology, the first successful implementation of the distributed ledger framework and one of the core technologies that support cryptocurrencies like Bitcoin and Ethereum, continues to attract attention from diverse sectors in business, government, technology, and other industries.

2018-8-3 19:08


MSX & Binance to Launch Neufund Decentralized Stock Exchange in Malta in 2018

First-Ever Decentralized Stock Exchange To Set Off In Malta, Europe Malta is recognized as a country known for its firm support for the likes of cryptocurrencies and blockchain technology. The country has been highly spoken of, as it has been recently considered as an apt location for a possible crypto-bank, in which well-established cryptocurrency exchange, […]

2018-7-20 23:11


Best Binance Cryptocurrency Trading Exchange Platform Alternatives to Try

Binance is one of the world's most popular cryptocurrency exchanges because it is easy to use, allows a great deal of liquidity due to the large number of cryptocurrencies that it supports, and offers a significant discount for users who pay their transaction fees with the platform's internal currency. However, as all cryptocurrency users should […]

2018-7-13 07:09


Фото:

Syscoin Hack Disrupts Binance Prompting Temporary Shutdown 96 BTC ($600,000) is a lot of money to pay for anything, not least a single .

The BTC they received was then withdrawn, prompting Binance to temporarily cease trading and to reset all APIs, which are believed to have facilitated the attack. Intriguingly, the Syscoin hack came just one day after blockchain security protocol Blue claimed that half of the top 50 cryptocurrencies were vulnerable to “destructive flaws”. Binance Cancels All

2018-7-4 16:43