Banned from setting up a UK specific exchange and not allowed to undertake regulated activities such as lending. This in no way affects the existing Binance exchange or the ability of UK users to use Binance.
https://www.theblockcrypto.com/post/109766/uk-fca-bans-crypt...
"Since Binance pulled its application, that means the exchange can no longer provide services that were previously unregistered either, such as spot trading"
It feels like The Block isn't entirely sure what Binance can or can't do at the moment.
I'm sure also Binance and the FCA aren't sure about that. The regulatory uncertainty in this space is huge. Even after this statement it is very unclear if there are any effective sanctions FCA can enforce on Binance if they continue doing whatever they are doing. Or they might just stop advertising, and start some stealth advertising campaigns after an year os so.
A good regulatory step for the US would be to require that it can't be harder to withdraw than to deposit. Any ID requirements have to be completed before depositing, not withdrawing. And all withdrawals must be processed by T+2. Same rules as regular brokers.
I've never seen this notation before. Does it refer to blocks, hours, or (gasp!) days?
Not paying on time is called a "fail". There are penalties. For US stockbrokers, FINRA enforces them.
In the real world, a broker failing to pay out cash on time to multiple customers is a Big Deal. Alerts come up on Bloomberg terminals. It's headline news. Institutional investors stop sending trades to that broker and start demanding collateral. The SEC, FINRA, NASDAQ, NYSE, the Fed, and other become involved. See the collapse of Bear Sterns.
Also that t+2 thing is just allowing shenanigans. When Rh forces the industry into instant settlement next year (hope!!) we will see who is truly been playing funny money. Looking at you citadel.
South Africa for example has very strict capital controls, hence the price to buy or sell Bitcoin is higher than elsewhere. The catch is that you can't easily move fiat out of the South African economy, which makes abritrage, to take advantage of this imbalance, impossible.