How Is Eidoo Navigating the Stormy UK Crypto Legislation Waters
Updated: Sep 15, 2021
At the end of June 2021, crypto users in the UK were facing Binance ban headlines in the country. Over the past couple of weeks, concerns have been running high, fuelled by more news stories that made people doubt the safety of their funds in wake of new crypto legislation rearing its ugly head.
The debate between centralization and decentralization has long been a recurring one in the crypto community. Proponents of centralization were willing to give up some of their liability and ownership rights in favor of the convenience of not having to deal with the cumbersome part of dealing with keys and hexadecimal stuff. Decentralizers are always adamant in this regard under their motto: not your keys, not your money.
In this regard, decentralization is a non-issue. Crypto legislation can always be respected despite the model.
What Did Actually Happen?
It is not possible to insist too much on the convenience of using exchanges that allow participation with non-custodial wallets. In this case, there has been more drama and hysteria than tragic events, but the fear is there.
What is certain is that this unfortunate incident with Binance, fuelled by a constant flow of incomplete information and reactions, has highlighted the vulnerability to which users of centralized exchanges are exposed. Not because of the real consequences for typical investors who only buy and sell on their crypto-GBP fiat wallet, but because of the insecurity they may have felt in their own flesh. Reality knocked on their doors to tell them clearly: "You are afraid because you know that your cryptos are not really yours.”
Source: U Today
The FCA statement, in fact, referred only to derivatives, futures, and other regulated products, something that did not affect the vast majority of users or the basic functioning of the exchange. However, it also raised concerns about the location of the company's HQ, which raised suspicions about AML procedures.
This worrying news provoked by due compliance with crypto legislation was followed by Faster Payments and Barclays blocking deposits and operations, making it more difficult to move funds into fiat positions. A cascade of events that say more about the attitude of some traditional finance companies towards crypto than the consequences of Binance’s pending legal conformity.
In this sense, here at Eidoo, we are well-positioned, we never make rash decisions, and we do our homework.
Our offices are located in Switzerland, making it easy for the legislator to do their job, and our KYC and AML procedures strictly follow the crypto legislation to save you the hassle. Plus, as you know, with Eidoo, you have access to your private keys so that no one will take control of your funds. The EidooID is even one more control to ensure that only you have ownership of your funds.
We know that your capital is very important to you, so we sincerely believe that it is in your best interest to be with us. It's as easy as taking a couple of minutes to test the application.
Keep calm and use Eidoo.