Britain boosts Binance rivals with bans

Recent regulatory action by UK officials targeting Binance has caused an exodus of clients towards other exchanges

Kraken, Bitstamp and Gemini have gobbled up clients leaving Binance because of the recent actions of the Financial Conduct Authority in the UK. Since only the UK market is affected by the actions, this is only a local dynamic.

However, Bitstamp has seen its customer base grew by 138% without change of strategy, while Kraken revealed their UK signups to have doubled according to CNBC.

While Binance is not entirely banned, it must inform its clients that it is not authorized to operate in the UK and may not trade derivatives, after failing to comply with anti-money-laundering rules. Restrictions that have apparently diminished the islanders’ trust in the exchange.

As was reported on AIBC News, Binance CEO Changpeng Zhao announced to counter the crackdowns by building a larger international compliance team.

Next up: Malta Week

Don’t miss out on amazing networking opportunities and exclusive industry insights at Malta Week. Four leading shows will bring the best of the business back-to-back to a first-class meeting point. Malta Week will consist of SiGMA, AIBC, Med-Tech World and AGS, each presenting the top developments of their focal industries.

The cross-collaboration of each brand make Malta Week the number one destination for leading think-tanks of the gaming sector, emerging tech, digital health and digital marketing. The middle of the Mediterranean is the perfect place for multi-faceted business deals and face-to-face conversations with leading affiliates, policymakers and thought leaders.