What options are left for new UK users after Binance halt services?

[Raymond Blue]

Crypto currency regulation has been a subject of debate over the last couple of years. The demand for regulation was heightened after the sudden collapse of FTX which still left an indelible mark in the hearts of many investors. Many crypto exchanges are now at the receiving end of this unfortunate event as many countries has tighten the regulatory approach for CEXs to operate in their domain.

Many top and reliable CEX like Binance and Bybit seems to be seriously affected looking at the volume and amount of users assets in the custody of these exchanges. With over $30B users assets in the custody of Binance, any problem from the exchange could resort to crisis in the crypto industry which could lead to prolonged bear market and users losing confidence in any CEX perhaps the reason many countries are now being rigid to regulate this crypto exchanges because prevention is better than cure.

The UK has obviously been one of the favourite destination for cryptocurrency exchanges but after the FCA crackdown, Binance has decided to stop accepting new users from the country. While it's a sad development for the users in that domain, I think this act could further deter the interest of new users from the UK or is their a next best alternative for the users?

[Joseph Lee]

UK users are on the ropes now, and I'm sure most will take the obvious way out and find new alternatives. Only few out there are worth leaving Binance for; #Bitget, #Kraken, and one or two others. For me, I'll choose BGB, but only slight problem I'm having is knowing the future on the CEX and if I can be sure they won't do smtn like Binance in a couple weeks/ months frm now. 

Edited October 17, 2023 by Joseph Lee

[BGMan]

The recent crypto exchange troubles have sparked a necessary debate on regulation. The FTX incident was a wake-up call, impacting exchanges like Binance and Bybit. With billions at stake, countries tighten regulations to avoid crises. Binance's move to halt UK registrations is unfortunate, potentially deterring new users. The UK users  need viable alternatives, and I think  Bitget or Coinbase could be the silution. Because they are still holding their ground in the UK and providing nonstop services to the users.

Edited October 18, 2023 by BGMan

[Ridwan]

Well, I too was a bit thrown off with Binance halting new registrations. After a good deal of searching a cex and trial, I think Bitget emerged as a favourable option for me. It’s not about it being same as Binance or anything, but it's got its own unique touch. The user interface is clean and intuitive. it's just pretty straightforward, and you can find what you need without jumping through hoops. And you know how crucial security is, right? Bitget’s been pretty solid on that front, giving that extra bit of comfort knowing my assets aren’t hanging by a thread.

[desmonddesk]

On 10/17/2023 at 11:19 PM, Joseph Lee said:

UK users are on the ropes now, and I'm sure most will take the obvious way out and find new alternatives. Only few out there are worth leaving Binance for; #Bitget, #Kraken, and one or two others. For me, I'll choose BGB, but only slight problem I'm having is knowing the future on the CEX and if I can be sure they won't do smtn like Binance in a couple weeks/ months frm now. 

 All two exchanges as alternative are regulated and have a good reputation for complaince, security and customer service. Bitget for instance have been surviving many regulatory conditions of different jurisdictions. I wonder how they are doing it. Last I checked, they offers a wide range of coins and Investment packages not unique to other CEX.