UK Regulators Push For Anti-Crypto Regulations - Binance Is Out!
I use to live in the UK and it was one of the first countries to have Bitcoin cash machine! After brexit however, the country has completely flipped! Before, the UK was certainly more open to innovation and most of all variety of people from around the world!
Seeing what is happening in this country now makes me be even more glad that I have decided to leave!
When it comes to regulators - it stinks in there! I remember how things were regulated before crypto boom:
1. Spread & Leverage
You had bunch of traditional trading platforms applying such high minimum spread that most retailers were most likely get rekt, because you just couldn't meet the profit mark before the price reversed! Plus the minimum leverage you had to use was 10x - nobody bothered to regulate rigged system then!
2. High street gambling on fixed odds betting terminals.
This was crazy and I think still is - the country is clustered with fixed odds betting machines sucking out money from everyday working people. They call them - “The crack cocaine of gambling” The devastating effect those machines have on communities is just unmeasurable! Where were the regulators for all those years!
Now when crypto came out and I looked at trading this was like a completely different world from trading fees, spread, to the freedom of leverage from 1-100x Seeing this was a moment I have fully realized how rigged UK regulators are!
They are not making regulations to protect the consumer, but to serve those who run those businesses and profit from everyday hard working folks who make money somewhere else to meet months ends and then are bombarded with ads to trade and gamble on terrible terms!
I wonder when UK crypto community will stand up for themselves against clearly rigged regulators trying to prevent them from participating in a free markets so they continue to participate in rigged system? I wonder if British people have enough intelligence to even think about this or they just watch and accept opportunities being taken away from them?
UK was a great country when they were in the EU. Once they left, all their greatness left with it!
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