In a recent move, renowned cryptocurrency exchange, Binance, announced that it would cease accepting new users from the United Kingdom effective 5:00 pm, Oct. 16th. This decision came on the heels of the UK’s Financial Conduct Authority (FCA) introducing legal mandates on Binance’s partner, Rebuildingsociety.com Ltd (REBS) earlier on Oct. 10th. Notably, one of these directives barred REBS from advertising or promoting Binance’s offerings.
Binance stated, “Binance is currently looking for a new FCA-authorized approver. However, there will be some temporary restrictions coming into effect on our Platform (i.e. www.binance.com/en-GB and the latest version of our Mobile App) during the period until Binance onboards with a new FCA authorized approver and has its financial promotions reapproved.”
For those who are already registered Binance users in the U.K., their services will remain uninterrupted. However, Binance emphasized that they won’t introduce any fresh products or services during this adjustment period. Several offerings, including gift cards, Binance Academy, and Binance Research, which are accessible on the global Binance platform, are presently inaccessible on its UK counterpart.
Previously, the FCA had initiated a set of crypto advertising regulations. These guidelines compel exchanges to be transparent, and honest and present understandable risk warnings when marketing to UK consumers. Interestingly, while the FCA allows registered entities to advertise for non-registered overseas firms, Binance had aimed to use REBS to offer its services to UK users via a localized domain since it doesn’t hold FCA registration.
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