Binance, the prominent cryptocurrency exchange, has taken the decision to stop accepting new users from the United Kingdom, effective from 5:00 pm local time on October 16.
This action was initiated following the United Kingdom’s Financial Conduct Authority (FCA) imposing legally binding requirements on its partner, Rebuildingsociety.com Ltd (REBS), on October 10. These requirements, among other provisions, prohibited REBS from promoting Binance goods and services.
In its official announcement, Binance stated:
“Binance is currently in the process of identifying a new FCA authorized entity. However, during this transitional phase until Binance onboards with a new FCA authorized entity and has its financial promotions reapproved, some temporary restrictions will be imposed on our Platform (i.e., www.binance.com/en-GB and the latest version of our Mobile App).”
Existing Binance users in the UK will continue to have access to their services, but the exchange has made it clear that “no new products and services will be introduced during this interim period.” Several products available on Binance’s international platform, including gift cards, Binance Academy, Binance Research, Binance Feed, and Referral Bonuses, will not be accessible on its UK platform.
Previously, Cointelegraph reported that the FCA initiated a series of new regulations pertaining to cryptocurrency marketing, obliging exchanges to clearly, fairly, and transparently market to UK consumers while providing understandable risk warnings. These regulations also allowed FCA-registered entities to promote products and services on behalf of overseas firms not registered with the FCA. Binance had intended to utilize REBS to enable its UK users to access the exchange’s products and services via a localized domain, as the exchange itself is not registered with the FCA.