Around 18 months ago, most mainstream U.K. banks decided to ban the moving of funds to binance. Only allowing withdraws back to their bank accounts under the guides of protecting consumers. Other exchanges were not banned however including FTX. The average user could have, due to this ban, have moved all their deposits into an FTX account. Bare in mind that at this time they had an F1 sponsorship and looked safe from the inexperienced eye.
Fast forward to the present,and this move meant users who were fine on binance, and were forced to move to FTX so they could continue buying crypto lost everything or a lot of what they invested due to the events that unfolded. What’s even worse is after all this, binance after proving it was the safest exchange ironically, is still banned by said banks but other exchanges like crypto.com, who’s legitimacy came into question, are still fine for deposits from most banks.
Furthermore you can just move your crypto to binance after the fact. Are the banks just incompetent or are they deliberately doing this?
submitted by /u/LanceGiraffe
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