The exchange is attempting to determine whether users in the UK are permitted to access derivatives trading.
Binance UK Derivatives
Binance is asking that UK customers provide extra information should they wish to continue accessing crypto derivatives. The move comes as part of a raft of measures that the company is taking in an attempt to comply with regulatory bodies, including in the UK.
The request from Binance came in a recent December 14th notice issued to investors.
“This information will help us to determine whether your access to these products is permitted under local regulatory requirements or will be restricted,” the notice said. It went on to add, “Failure to provide the required information by 14th February 2022, will lead to your access of these products being automatically restricted.”
Binance has struggled with regulatory compliance in the UK this year following an FCA (Financial Conduct Authority) consumer warning in June. The FCA warning stated that Binance Markets Limited was not able to offer any regulated product in the UK. This resulted in UK financial institutions severing ties with the exchange, and UK banks such as Barclays blocking deposits.
The exact nature of the information which Binance is requesting from users was not stipulated in the notice.
Source : bsc.news
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