Share this article
Binance's UK Woes Fuel Migration to Rival Crypto Exchanges: Report
Bitstamp has seen customer numbers more than double since the FCA said Binance Markets should not be operating in the U.K.
Updated Sep 14, 2021, 1:22 p.m. Published Jul 8, 2021, 2:48 p.m.
The recent crackdown on Binance by the U.K.'s financial services regulator has fueled a surge in customer inflows to rival crypto exchanges.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Bitstamp, based in Luxembourg, has seen customer numbers grow by 138% since the Financial Conduct Authority's June 25 notice that Binance Markets should not be operating in the U.K., CNBC reported Thursday.
- "We're seeing an increase in customers in the U.K. coming to us, with no changes in marketing," Bitstamp CEO Julian Sawyer said.
- Sawyer described the increase as "a flight to safety," comparing it to customers changing bank accounts if they heard their current provider was less secure.
- Kraken and Gemini are also gaining clients, according to CNBC's report. The share of signups from the U.K. has "approximately doubled" compared with other markets, a Kraken spokesperson said.
- As of the end of June, just six companies had successfully completed the process to register with the FCA, and 64 had withdrawn their applications. Gemini entities count for two of the six.
Read more: Mode Global Approved by UK Regulator for Crypto-Asset Registration
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitcoin sinks below $87,000 as crypto assets slide, metals soar post-Xmas
Gold, silver, platinum and copper all surged to new records as metals — not bitcoin — attracted capital on the debasement trade and geopolitical tension.
What to know:
- Major cryptocurrencies and crypto stocks slid in early U.S. trade Friday, with bitcoin slipping back below $87,000 and bitcoin miners down 5% or more across the board.
- Gold, silver and other metals surged, with geopolitical concerns adding to the debasement trade.
Top Stories
