Reading Deeper Between the Lines of the FCA's Action Notice h | Libre Blockchain

Reading Deeper Between the Lines of the FCA's Action

Notice how the Sterling deposits / withdrawals for Binance went out shortly after that U.K. FCA announcement, right?

If you're not aware of what I'm talking about - you should refer to this article here: https://www.ft.com/content/2d427ed7-f9e4-46cf-a4c4-46429b19df5d

That Warning Was a Subtle 'Last Call' by the FCA because They Were Already Planning to Cut Binance Out of the Banking System

Obviously, Sterling deposits & withdrawals being unavailable for Binance screwed any U.K. customers that left their funds on the exchange and this is likely something that the U.K. didn't want to do. But they must have felt it was more important to at least ensure that Binance was cut off from the banking system first.

So their solution was to provide a clear, unequivocal notice to everyone that was using Binance in the U.K., 'Hey guys, you should get your stuff out of here now before ... you know, maybe something bad happens to your funds'.

And whaddayakno, it did.

As detailed by 'Financial Times' (article linked above):

"The gating of Binance clients from the UK’s traditional currency market temporarily severed an important link to Europe’s financial industry."

"It came just four days after the Financial Conduct Authority said Binance was not authorised to operate as a cryptoasset business in the UK and ordered it to stop any regulated financial activities — such as arranging investment deals — in Britain."