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

Binance has announced that it volition nary longer judge caller users successful the U.K. successful bid to comply with caller crypto regulations from the Financial Conduct Authority (FCA). Binance explained that it is presently looking for an FCA-authorized steadfast to reappraisal and o.k. its U.K. fiscal promotions successful compliance with the caller rules.

Binance Halts Accepting Users successful the U.K.

Cryptocurrency speech Binance announced an update for its U.K. cognition connected Monday. The announcement states:

From Monday 16 October 2023 astatine 5pm UK time, Binance volition halt accepting caller UK users.

Binance explained that the U.K. fiscal promotions authorities for qualifying crypto assets went into effect connected Oct. 8, noting that the caller rules let unregulated overseas platforms, similar Binance, to beforehand their crypto businesses successful the U.K. by engaging with FCA-authorized firms.

“We engaged FCA authorized firm, Rebuildingsociety.com Ltd (REBS), to reappraisal and o.k. our U.K. fiscal promotions successful compliance with the caller rules,” Binance stated. However, the speech added that connected Oct. 10, the FCA imposed “legally-binding requirements” connected REBS, making it nary longer capable to o.k. fiscal promotions. In addition, with effect from Oct. 11 astatine 5 p.m., “REBS had to retreat immoderate existing approvals of fiscal promotions connected behalf of immoderate cryptoasset businesses (including Binance),” the crypto speech detailed.

Binance emphasized:

Binance is presently looking for a caller FCA authorized approver.

The cryptocurrency institution clarified that impermanent restrictions volition beryllium imposed connected its U.K. level and the latest mentation of its mobile app. These restrictions volition beryllium successful spot until Binance successfully onboards with a caller FCA-authorized approver and receives reapproval for its fiscal promotions.

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