What happened to the crypto exchange Binance in Great Britain ?

Ole
28.09.2021
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Binance is one of the largest crypto exchanges in the world, and over a longer period could also offer its services to Norwegian consumers. Suddenly Binance disappeared from the Norwegian market.

What really happened, and what alternatives are there? We explain to you what criteria are set for crypto exchanges in Great Britain , and where you can safely engage in crypto trading.

What is Binance?

Binance is currently the world’s largest exchange for cryptocurrency trading. The exchange was founded in 2017 by developer Changpeng Zhao. Zhao previously has extensive experience in developing software for trading.

The popular crypto exchange has, among other things, developed its own cryptocurrencies, namely Binance Smart Chain and Binance Coin (BNB). These were launched in 2020 and 2017, respectively.

Binance was originally headquartered in China, but moved when the Chinese government tightened regulations on cryptocurrency. Despite its great popularity, the stock market has met with much opposition from governments around the world.

Finanstilsynet stopped Binance in Great Britain

Every crypto exchange must be registered with Finanstilsynet so that they can offer their services to Norwegian consumers. Binance operated on the Norwegian market without any formal approval from Finanstilsynet.

Finanstilsynet is continuously working to uncover whether listed exchanges aimed at Norwegians operate without a formal permit. This is, among other things, to stop any money laundering. On the 9th. August 2021, the Danish Financial Supervisory Authority therefore sent a warning letter to Binance.

It all ended with Binance choosing to stop all payments and crypto trading that was carried out with Norwegian kroner. The Norwegian version of the website also disappeared, and Binance no longer communicates to Norwegian consumers.

Binance wants better Great Britain cooperation

When Binance sent out a notice that the services will no longer be offered on the Norwegian market, they also informed that they want a better collaboration with the Norwegian authorities.

Binance is hoping for a further development where the regulatory framework will be changed. It remains to be seen whether the service will ever be allowed in the countries where it has now been banned. Then major changes are likely to be needed, especially with regard to the prevention of money laundering.

Binance also encounters problems outside Great Britain

It is not only in Great Britain that Binance has been met with criticism or bans. The service is also warned against or banned in countries such as the Netherlands, Italy, Japan, the United Kingdom and Hong Kong.

There are financial supervisors in a number of countries that have chosen to join forces to investigate Binance. The United Kingdom points out, among other things, that the company does not provide sufficient information about the company structure, the business and how customers use products.

Among other things, this has led to Binance itself having to initiate internal changes. Now, among other things, all new users who register must submit ID papers, including a photo of the face. This is part of verifying the identity of the users.

Thailand has also filed a lawsuit against Binance in 2020. The United States also imposed a ban on Binance being able to offer its services in the country in 2019. Binance is being investigated in particular for money laundering and that the service may have been used for financial crime.

Many great alternatives to Binance

Since Binance is no longer offered on the Norwegian market, it is important to look around for other alternatives. Fortunately, there are several options. Among other things, we can point outeToro , Norwegian Block Exchange (NBX) and Firi. The latter is also known as MiraiEx.

Common to all these solutions is that they are registered with Finanstilsynet. This means that they are allowed to offer their services on the Norwegian market. You can search for which services are registered with the Norwegian Financial Supervisory Authority here .

NBX – a Norwegian crypto exchange

Norwegian Block Exchange is a popular choice among Norwegians. This may be due to the fact that the platform is Norwegian, secure and approved. You can also verify your identity using BankID, which is convenient.

NBX is a platform for you who want to pay, exchange or store cryptocurrencies such as Bitcoin, ADA, Ethereum and the like. It is easy to create a user account, and the website is of course available in Norwegian.

eToro – one of the largest crypto exchanges in Great Britain

eToro is another popular alternative to Binance in Great Britain . This is an award-winning trading platform that allows you to buy, exchange and store cryptocurrencies. The platform is registered with Finanstilsynet, and allows you to pay with secure payment methods such as Visa and MasterCard.

At eToro you can buy everything from Ethereum and Bitcoin to Litecoin. The site also offers copy trading, which means you get the opportunity to copy others who engage in crypto-trading. This makes it extra easy for beginners to get started with trading.

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Firi – cryptocurrency for Norwegians

Firi is another popular service for Norwegians who want to buy, sell and exchange cryptocurrencies. According to the platform itself, more than 100,000 Norwegians use Firi for investments in crypto.

Firi is perhaps better known as MiraiEx, but recently further developed its brand – which meant that the name was also changed. According to the platform, Firi is itself a name that should be able to grow in step with the company. Firi is registered with Finanstilsynet and a popular choice.

Do you want to get started with secure crypto trading?

Binance no longer exists on the Norwegian market due to illegal operations without registration with Finanstilsynet. Fortunately, there are safe alternatives, namely crypto exchanges with approval from Finanstilsynet and good security routines.

We can recommend services such as Firi, Norwegian Block Exchange and eToro. Register with a trading platform that allows you to buy, sell and trade in a safe way.

FAQ

[sc_fs_multi_faq headline-0=”h2″ question-0=”Er det lovlig med kryptovaluta i Norge?” answer-0=”Ja, krypto er lovlig i Norge. Trading med kryptovaluta er riktignok ikke noe myndighetene anbefaler, men du kan fullt lovlig drive med det så lenge det er fra en godkjent plattform.” image-0=”” headline-1=”h2″ question-1=”Hvor mange ulike kryptovalutaer eksisterer?” answer-1=”Det finnes svært mange ulike kryptovalutaer på markedet. De du hører mest om er Ethereum, Bitcoin og Litecoin, men det finnes faktisk mer enn 2 000 valutasorter.” image-1=”” headline-2=”h2″ question-2=”Hvor mye må man betale i skatt på kryptovaluta?” answer-2=”Den norske Skatteetaten opplyser om at man må betale 22 % i skatt på eventuelle inntekter man har fra kryptovaluta. Du må også betale formuesskatt om krypto-formuen blir stor.” image-2=”” count=”3″ html=”true” css_class=””]

Author Ole

Ole jobber som freelance forfatter/skribent, men er også med på vårt team. Han har hatt en interesse for krypto i flere år og det er naturlig for han å opplyse andre om denne fantastiske teknologien. Ole sier selv at å skrive om kryptovaluta ikke er en jobb, men en lidenskap! For oss kan det jo ikke bli bedre!