Tag: Nest Services

In Nov 2023, Binance and its founder, Changpeng Zhao, pleaded guilty to charges of money laundering in the U.S. and agreed to pay a $4.3 billion fine. Apparently, Binance has helped scammers and terrorists with money laundering and thus harmed the entire crypto industry. However, it's a fact that Binance is still doing business without effective supervision, resulting in questionable, if not illegal, business practices.The Binance Watchdog Initiative is here to fight this approach!

It has come to light that Binance's operations for UK customers, among others, are managed through Nest Services Limited, a company based in the Seychelles. However, this entity is not registered with any regulatory authority in the UK, Europe, or even within the Seychelles. According to a December 2023 FSA statement, Nest Services is not included on the FSA list of crypto service providers.

FinTelegram urges caution for users of Binance, the crypto exchange that operates in the UK through the Seychelles-based Nest Services Limited. Our analysis of Binance's terms and conditions reveals significant powers vested in the company to modify, suspend, or terminate user accounts and access to services with little to no explanation required. This advisory seeks to highlight key concerns and potential legal challenges users may face. We have Red-listed Binance.

Binance UK CEO Jonathan Farnell has stepped down amidst increasing scrutiny from the UK's Financial Conduct Authority (FCA). Hired in 2021 for a compliance-centric role and later elevated to oversee Binance's UK operations, Farnell's exit leaves Ilir Ergis Laro as the sole representative of Binance in the UK. Before the FCA's recent regulatory changes, Farnell was instrumental in aligning Binance with the UK's regulatory framework.