Britain boosts Binance rivals with bans

Category: Crypto Europe

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.

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