Can i still buy crypto on binance in the uk

LONDON — Britain’s move to block Binance is boosting rival cryptocurrency exchanges, which have reported a surge in new users in the country recently.

The Financial Conduct Authority recently announced a crackdown on Binance, the world’s top crypto exchange by trading volume, restricting the company from carrying out regulated activities in the U.K.

Binance withdrew its application to register as a licensed crypto asset firm in the U.K. in May due to not meeting anti-money laundering requirements, the markets watchdog said.

While Binance is technically allowed to continue offering crypto trading to Brits, it was ordered by regulators to add a notice to its website saying it is not authorized to operate in the U.K.

For its part, Binance said the measures only targeted its U.K. entity, Binance Markets Limited, and would have no impact on services provided in the country by Binance.com.

But following the FCA’s restrictions, Binance has suffered subsequent setbacks in Britain. Customers were temporarily unable to make card withdrawals due to an issue with the U.K.’s Faster Payments system. Meanwhile, the bank Barclays has blocked customers from sending payments to the crypto exchange.

Binance’s woes in the U.K. have been a boon to its rivals, though, some of which have seen user numbers double since the FCA restrictions were announced.

1. Log in to your Binance account and click [Buy Now] on the homepage banner.

2. You can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. Click [Continue].

3. You can choose your preferred payment method here. To buy with credit/debit card, click [Visa/Mastercard] [Continue].

4. Follow the instructions and enter your card information.

5. Your card will be added. Click [Continue].

6. Please check the payment details and fees and

confirm your order within 1 minute, or the amount of crypto you can get would be recalculated based on the current market price.

You can click [Refresh] to see the new order amount.

7. You will be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment. After that, you can see the purchased crypto in your Binance Spot Wallet instantly.

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails

Sign up to our free breaking news emails

Please enter a valid email address

Please enter a valid email address

I would like to be emailed about offers, events and updates from The Independent. Read our privacy notice

Thanks for signing up to the
Breaking News email

{{ #verifyErrors }}{{ message }}{{ /verifyErrors }}{{ ^verifyErrors }}Something went wrong. Please try again later{{ /verifyErrors }}

Binance, one of the world’s leading cryptocurrency exchanges, has been banned from operating in the UK.

Cayman Islands-based Binance allows people to buy and sell a wide range of digital assets. It has attracted attention from regulators who have expressed growing concern about the ease with which cryptocurrencies can be used to facilitate crime and launder the proceeds.

The UK’s Financial Conduct Authority (FCA) has also issued repeated warnings that investors in crypto can lose all of their money.

But what exactly does the UK ban on Binance mean for customers?

What has the regulator said?

The FCA said Binance Markets Ltd, Binance’s only regulated UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities … with immediate effect”.

“Due to the imposition of requirements by the FCA, Binance Markets Limitd is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”

The FCA said Binance appeared to be offering British customers a range of products and services via its website, Binance.com.

Binance had applied to become authorised by the FCA but withdrew its application last month.

In January, the FCA banned companies sales of cryptocurrency derivates and exchange-traded notes to retail investors.

These products allow people to bet on the price of assets such as bitcoin without actually buying them. Derivatives can multiply potential returns and losses many times over.

What does it mean for UK customers?

Binance said the move would have no impact on people’s ability to trade through its Binance.com website.

Customers can still access the company’s services through the website which is not based in the UK so falls outside the FCA’s jurisdiction.

Binance must display a warning on its website stating that it does not have permission from the regulator to operate in the UK.

Rabya Anwar, partner at Keystone Law, said the order sent a “clear signal” to the entire crypto market.

“Other cryptocurrency exchanges and related market participants should watch closely, prepare carefully and be under no illusions – Binance is unlikely to be the only target.”

“In addition to being ordered to display a stark notice on its website and social media regarding its lack of permissions, Binance may need to also undertake some intense procedural tasks within an eye wateringly tight timeframe – just a few days.

“Binance will then need to confirm completion to the FCA. Other cryptocurrency exchanges and relevant providers would be well advised to take note and undertake similar exercises immediately.”

How has the ban impacted prices?

While previous announcements by US and Chinese regulators have caused major movements in crypto markets, the FCA’s latest change barely made a ripple.

Prices of the major cryptocurrencies did not react to the news with bitcoin continuing to trade above $34,000 on Monday.

At Binance, we offer several ways to buy Bitcoin in the UK. In this article, we enumerate the ways with our BTC/GBP offerings on the platform. (This blog has been updated as of February 2021.)

Binance, the leading cryptocurrency exchange in terms of trading volume, is always looking out for our British customers, so we provided several ways to buy Bitcoin in the UK. One of the best ways to do so is via our Buy Crypto page, which lets you buy crypto in the UK using the British pound, among other supported local currencies.

Background: Bitcoin in the UK

As one of the world’s major economies, the United Kingdom is understandable ahead of the curve when it comes to cryptocurrency activities. Buying Bitcoin in the UK has become commonplace. 

In fact, a nationwide survey from back in 2019 found that more than 90% of the people in the country are aware of Bitcoin, with about 9% of them actually owning cryptocurrencies. While that looks like a small number, the sheer amount of awareness in Bitcoin, as well as the fact that a huge majority of Britons personally knows a Bitcoin holder, indicates that the potential for buying Bitcoin in the UK to become mainstream is huge.

Another thing: about 21% of Britons already think that Bitcoin can be as common as fiat currencies. 

In light of the ongoing movement to spread the freedom brought by cryptocurrencies to the UK, Binance is offering at least two ways to buy Bitcoin in the UK: through the Binance Buy Crypto platform and Binance P2P

Binance Buy Crypto: Use Your British Pound for Buying Bitcoin in the UK

With Binance, you can fund your account with GBP deposits via your preferred bank (as long as it’s supported on the website) or the debit or credit card of your choice, and then use your GBP to buy cryptocurrencies. When you want to sell cryptocurrencies instead, you can proceed to convert your crypto to GBP and then withdraw to your bank.

Here are the steps to use Binance for buying Bitcoin in the UK:

– Create an account on Binance and complete the account verification process.

– Once that’s complete, log in to your account and go to Wallet, click on Fiat ad Spot, then search for GBP and click Deposit. 

– Enter the desired deposit amount in GBP, choose from Bank Card (for credit or debit card) or Faster Payments (for bank accounts) and click Continue. You’ll be shown the information you’ll need to submit to the bank where you will make a wire transfer. 

– Once the deposit is completed, check your Binance account to see the status of your deposit. 

– Use the deposited GBP to buy cryptocurrencies such as Bitcoin.

How to Buy Bitcoin in the UK through Binance P2P

Binance Buy Crypto is not the only option offered by Binance for buying Bitcoin and other cryptocurrencies with your GBP. At Binance, we also offer a convenient method for buying Bitcoin through offers made on Binance P2P.

Here’s a step-by-step guide on how to buy Bitcoin in the UK using Binance P2P:

– Log in to your Binance account. If you don’t have an account yet, please create one. Make sure that you completed the Identity Verification process for your account.

– Go to Buy Crypto and select P2P Trading.

– Under Fiat, select GBP. Then, select Buy and click BTC. You will be shown various offers for buying Bitcoin at different price points on ads posted by other Binance users.

– Click the Buy BTC button on your selected offer, enter the amount of GBP you want to spend, select your preferred payment option, and click the Buy BTC button again. 

– Make the payment to the account displayed on your selected option, and click the “Transferred, next” button.

– Wait for the seller to send you the BTC you purchased. He will then notify you when the deal is done, and you’ll be able to receive your Bitcoin.

Written by Jane