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More Binance Staking and Farming Products No Longer Allowed By UK Users

By XTRM™ | Cryptopia | 6 Mar 2023


More Binance Staking and Farming Products No Longer Allowed By UK Users - Earlier in February 2023 Binance issued a statement that many of its staking products from the 'Earn' services, are no longer available to UK residents and users.

Products such as 'Simple Earn' cannot be used currently by anyone residing in Great Britain following Binance having a spot trouble with UK regulators and the confusion being hammered down on by the Binance chiefs.

New restrictions are now being enforced by Binance to most if not all Liquidity Farming and Staking products within the Binance system.

Binance issued the following advice:

Liquidity Farming: you can redeem and withdraw your liquidity before 08:00 (UTC) on 31 March 2023. Thereafter, your deposits in the liquidity pools will be automatically redeemed to your spot wallet, and calculated based on the prevailing composition ratios of the pool. Please be reminded that all liquidity farming positions are exposed to changes in composition ratios due to the nature of liquidity pools; you can find out more here.

Flexible Simple Earn, Flexible DeFi staking and BNB Vault: the digital assets you used to subscribe will be returned to your spot wallet, together with any accrued rewards, at 08:00 (UTC) on 28 April 2023.

Locked Simple Earn and Fixed DeFi-staking: the digital assets you used to subscribe will be returned to your spot wallet, together with any accrued rewards, at the end of their respective subscription terms as usual.

Binance have said should UK regulations change, United Kingdom investors will be once again be allowed to trade on the platform. However some investors already issued refunds of their staked products from the first round of restrictions despite the promise these investments would not be effected.

It remains to be seen if the second round of regulations on the Binance platform initiates a similar response. No doubt the values of tokens within the Staking, Liquidity Farming will have been effected... there is no clear time scale for the regulations and  restrictions to remain in place at Binance.

Source: Binance

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XTRM™
XTRM™

Cryptocurrency Investigator - XTRM™ PR - Taking a laid back look at Crypto while sneaking up on the Cryptocurrency Bad Guys. All investigatory reviews are my own findings during testing - Dig a little deeper! If Carlsberg made Crypto Blogs!


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