Why Crypto Exchange Binance Temporarily Stop Accepting New U.K. Users

Binance responds to new UK crypto rules, ceasing new user registrations on Oct 16. Existing users continue with added risk warnings.
Why Crypto Exchange Binance Temporarily Stop Accepting New U.K. Users

According to a blog post on the company website, Binance  is making adjustments in the UK as a result of new regulations for crypto marketing that took effect on October 8, 2023.

When foreign companies like Binance teamed up with FCA-approved corporations, these regulations permitted them to advertise their cryptocurrency ventures in the UK. Rebuildingsociety.com Ltd (REBS) was selected by Binance for this job.

The FCA imposed limitations on Binance’s UK partner, REBS, on October 10, preventing them from approving financial incentives. As a result, beginning at 5 p.m. on October 11, REBS was required to revoke all prior approvals for cryptoasset companies, including Binance.

Users in the UK will no longer be able to sign up for Binance after October 16, 2023 at 5 PM UK time. As long as they have complied with their duties, users who have previously registered with Binance may continue to use its services.

The FCA’s abrupt limits on cryptocurrency marketing reflect the regulatory difficulties the sector is facing, have an effect on Binance and its customers, and underline the need for more precise rules in the developing cryptocurrency landscape.

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