Binance will stop registering new users in the UK

 

Binance  announced that it has stopped the process of registering new users on the exchange from October 16, 2023 in the UK. Existing customers will have access to current services, but no new products will be provided during this period.

These changes are due to the fact that the marketing regime for crypto companies came into force in the region on October 8.

“The new rules allow unregulated companies such as Binance to promote their services in the UK by using a firm authorized by the Financial Conduct Authority (FCA). We have engaged Rebuildingsociety.com Ltd (REBS) to review and approve our financial promotions in the UK in accordance with the new rules,” it said.

On October 10, the FCA imposed legally binding requirements on REBS, which determined that the organization could no longer approve financial services promotions. Effective October 11, 2023, REBS was required to revoke all previously issued approvals, including Binance.

In addition, the company reported that the exchange is looking for a new FCA-authorized firm. However, until such an organization is found and it receives re-authorization, some temporary restrictions will apply on the platform.

Previously, the UK regulator announced that HTX (formerly Huobi) and KuCoin did not have permission to operate in the country.