Binance Stops Accepting Users in UK to Comply With New Crypto Regulation

Binance has announced that it will no longer accept new users in the U.K. in order to comply with new crypto regulations from the Financial Conduct Authority (FCA). Binance explained that it is currently looking for an FCA-authorized firm to review and approve its U.K. financial promotions in compliance with the new rules.

Binance Halts Accepting Users in the U.K.

Cryptocurrency exchange Binance announced an update for its U.K. operation on Monday. The announcement states:

From Monday 16 October 2023 at 5pm UK time, Binance will stop accepting new UK users.

Binance explained that the U.K. financial promotions regime for qualifying crypto assets went into effect on Oct. 8, noting that the new rules allow unregulated overseas platforms, like Binance, to promote their crypto businesses in the U.K. by engaging with FCA-authorized firms.

“We engaged FCA authorized firm, Ltd (REBS), to review and approve our U.K. financial promotions in compliance with the new rules,” Binance stated. However, the exchange added that on Oct. 10, the FCA imposed “legally-binding requirements” on REBS, making it no longer able to approve financial promotions. In addition, with effect from Oct. 11 at 5 p.m., “REBS had to withdraw any existing approvals of financial promotions on behalf of any cryptoasset businesses (including Binance),” the crypto exchange detailed.

Binance emphasized:

Binance is currently looking for a new FCA authorized approver.

The cryptocurrency company clarified that temporary restrictions will be imposed on its U.K. platform and the latest version of its mobile app. These restrictions will be in place until Binance successfully onboards with a new FCA-authorized approver and receives reapproval for its financial promotions.

What do you think about Binance stopping accepting customers in the U.K.? Let us know in the comments section below.

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