UK regulator clamps down on Binance

Re:UK regulator clamps down on Binance by rjknight on Monday June 28, 2021 @03:12AM (#27658907)

The distinction here is between buying and selling Bitcoin, and buying and selling contracts for difference or spread betting on Bitcoin’s price movements. The latter is more tightly regulated, as it can result in much larger gains or losses, including losses greater than the staked amount.

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Re:UK regulator clamps down on Binance by shoshino on Monday June 28, 2021 @06:59AM (#27660249)

Spreadbetting is tax-free in the UK and the FCA banned spreadbetting on bitcoin last year. IG, CMC and CityIndex all closed out client positions and delisted all crypto pairs.

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Re:UK regulator clamps down on Binance by adevx on Monday June 28, 2021 @09:37AM (#27661785)

"including losses greater than the staked amount" I don't think this is true. Binance will happily liquidate you well in advance of a possible negative balance.

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Re:UK regulator clamps down on Binance by _fat_santa on Monday June 28, 2021 @09:52AM (#27661969)

I was going to say, while technically there is the risk of loosing more than your stake, practically speaking you will be margin called long before that happens.

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Re:UK regulator clamps down on Binance by shapefrog on Monday June 28, 2021 @10:10AM (#27662194)

Ahh yes, I remember when people used to say that about trading in the trillion dollar a day foreign exchange markets. Then people lost 5 times their margin in the blink of an eye.

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