The latest regulatory crackdown on Binance has become a major issue for retail traders worldwide. Suddenly, buying, selling, and earning yields on crypto coins got way harder.
The problems have now reached the UK, too. Binance is currently unavailable in the UK and local traders can’t use some services, including staking. Moreover, new users aren’t allowed to sign up for now. However, having tested and reviewed many other platforms, we’ll help you choose an alternative.
First, we explain what happened with the recent regulatory actions so you can make informed decisions. Second, whether you hold BNB or altcoins, we’ve researched the best-authorised options for your needs.
Arm yourself with the knowledge to stay crypto-compliant in 2024!
Is Binance Authorised in the UK?
The short answer is no.
However, this does not mean using the exchange services is impossible. Let me explain what has transpired over the past few months.
Adverse regulatory conditions have led to Binance UK not offering all services to customers from the United Kingdom. Furthermore, from the second half of October, registering new accounts has supposedly become temporarily impossible. But let’s take it step by step.
We move back to February 2023. That’s when crypto enthusiasts from the UK received the first blow. Binance then announced that it would not accept new subscriptions for Binance Earn UK. I was one of those customers who suddenly lost access to Simple Earn and BNB Vault, Liquidity Farming, or DeFi Staking. All Binance staking UK services were gone in a day.
Fast forward a few months, and we are in June. The market is abuzz with the information that Binance Markets Limited (BML), the local branch of Binance in the UK, withdrew its local registration. The Financial Conduct Authority (FCA) announced the decision, but it was independent of the regulator and arose from actions taken by the exchange itself.
The climax occurred in October 2023. We must remember that Binance is not on the relatively short list of cryptocurrency companies (40+) whose operations have been approved in the UK. In early October, new crypto advertising rules came into effect. Due to the lack of regulation in the country, Binance would not have been able to communicate with its clients or promote its services. To make it still possible, the exchange partnered with Rebuildingsociety.com.
However, a new problem quickly arose. The FCA blocked Rebuildingsociety.com from approving cryptocurrency ads in the country. Binance was thus left in the lurch.
What was the result? A few days later, the exchange announced that it was “temporarily” suspending the registration of new users in the UK.
All of these lead us to another question:
When Will Binance be Available in the UK?
It is unclear when or if Binance will become fully authorised to operate in the UK market.
Binance UK is reportedly working with the FCA to solve this issue. However, when will this happen? It’s unknown. They have not indicated any intention to register with the FCA formally.
For now, UK users have limited access to Binance’s services through the Binance.com/en-GB domain. But the FCA’s recent actions suggest they will continue scrutinising Binance’s operations.
Unless Binance gains proper FCA registration, its long-term future in the UK remains uncertain.
Binance UK Alternatives For 2024
But we have a solution for you! There are many well-known brands in the register of several dozen companies that provide cryptocurrency services in the UK. You will find Revolut, eToro and typical crypto exchanges like Coinbase.
All will be great alternatives for Binance UK. How can we know? Because we’ve checked them by myself.
|Number of cryptos
|Best for beginners and crypto wallet
|From 0.49% varies by account
|Best crypto offering and staking program
|From 0% to 3.99% varies by transaction type
eToro: Best for Crypto Wallet and Beginners
76% of retail CFD accounts lose money.
eToro in a nutshell
eToro emerges as a viable alternative to Binance UK, especially for newcomers. Under the FCA’s oversight, eToro adheres to rigorous guidelines, ensuring the safety of its client’s funds and personal information.
The platform boasts a user-friendly design, allowing even those without a technical background to buy, sell, and swap cryptocurrencies effortlessly. With the added convenience of the eToro Money crypto wallet, users can seamlessly manage their digital assets.
Furthermore, eToro offers many cryptocurrencies, ranging from well-known ones like BTC, ETH, XRP, BCH, and XLM to over 70 different options.
eToro is a great choice for anyone who wants to start their crypto journey with a reliable and user-friendly platform.
- eToro offers an easy-to-use crypto wallet for storing cryptocurrencies. This makes it ideal for beginners who are new to crypto trading.
- The platform has a simple interface and educational resources to help beginners learn about crypto trading.
- eToro supports copy trading, allowing beginners to copy the trades of experienced crypto traders. This helps new traders learn effective crypto trading strategies.
Revolut: Best for Low Fees
Revolut in a nutshell
Revolut stands out in the competitive crypto space due to its extensive range of offerings and low fees. The platform boasts a selection of over 120 tokens, ensuring that enthusiasts and investors alike have a wealth of choices. Fees starting at just under 0.5% make trading diverse and cost-effective.
For those feeling overwhelmed by the multitude of tokens, Revolut simplifies the process by providing 12+ curated collections. These groupings, such as DeFi, gaming, or Layer-1, allow users to invest in a set and trade multiple tokens simultaneously. The platform is easily used, especially when moving popular tokens like BTC, ETH, and USDT, among 30+ others, between external wallets and the Revolut platform.
Users can rest easy knowing that most of their crypto assets are securely stored offline in cold wallets. Revolut’s commitment to safety is further underscored by its state-of-the-art, full-stack security, ensuring that all crypto assets are safe and easily accessible.
- Revolut offers the ability to buy, sell, exchange, and transfer a wide variety of major cryptocurrencies, including over 120 popular assets.
- It provides great liquidity, tight spreads, and low fees for major crypto-fiat pairs. This ensures users get competitive crypto prices.
- The platform makes it easy to track cryptocurrency prices and set price alerts. This helps traders closely monitor the crypto market.
Coinbase: Best For Crypto and Staking Offering
Coinbase in a nutshell
Under the Earn program, Coinbase has become an excellent alternative to Binance Earn UK. Coinbase supports over 250 different cryptocurrencies, providing users with a vast selection to choose from. This includes major coins like Bitcoin, Ethereum, Litecoin, and smaller altcoins.
Users can earn rewards on supported coins by staking them on Coinbase. This allows earning passive income on holdings. Coinbase One members receive boosted staking rewards, further increasing potential earnings.
Coinbase has an easy-to-use interface ideal for beginners getting started with crypto. At the same time, it still provides features for more advanced traders. This combination makes it appealing to users at all levels.
As a publicly traded US company, Coinbase adheres to strict security standards, providing users peace of mind. Coinbase stores 98% of funds offline in cold storage and has insurance coverage for online assets.
- There are 250 cryptocurrencies, of which 68 can be staked.
- The APY for selected tokens is above 10% or even 20%.
- High-security standards as a publicly traded US company
Is Binance allowed to operate in the UK? No, it is not. Can UK traders still use the platform? Yes, but their options are getting more limited. Should this be a reason to be upset? Not at all.
It’s better to look for alternative solutions that offer the same services. But without the risk that something will suddenly stop working or you won’t be able to withdraw your money.
Binance is a great platform, but unfortunately, it is not for customers from the UK. This article talked about some solid alternatives, though. eToro is ideal for beginners, Revolut provides a great fee structure, while Coinbase shines with a high number of tokens and staking rewards.
Is Staking permitted in Binance for UK users?
No, the exchange has stopped its Binance Staking UK program for local users. This is likely due to regulatory scrutiny around crypto promotions.
Is Binance Earn available in the UK?
No, Binance Earn UK is no longer available to retail users in the country. Only certain institutional investors exempt under the Financial Promotions Regime can still access these services.
What recent changes has Binance made regarding UK users?
Binance announced on 16 October 2023, that it will stop accepting new customers in the UK, in compliance with new UK regulations restricting promotions from overseas crypto firms. Binance launched a new UK-specific site at www.binance.com/en-GB to serve existing UK customers in line with local rules.
What services are still available to UK users on Binance?
Existing UK users can still access services like fiat and crypto deposits/withdrawals, spot and margin trading, conversions, NFT markets, lending, and more. However, users no longer have access to Binance Earn UK products.
Why is the UK cracking down on crypto platforms like Binance?
UK regulators are concerned about protecting consumers from the volatility and risks of crypto investing. Recent platform collapses have also sparked worries about how firms handle customer funds. Increased oversight aims to remove bad actors and boost consumer confidence.