Binance Halts Acceptance of New Users in the UK
Binance, the world’s largest cryptocurrency exchange, has announced that it will no longer accept new users in the United Kingdom. This decision is in response to the newly implemented cryptocurrency marketing regulations in the country. Binance aims to ensure compliance with the regulatory framework set by the UK’s Financial Conduct Authority (FCA).
Starting from October 8, cryptocurrency firms registered with the FCA can self-approve their advertisements or seek assistance from authorized entities for approval. Binance had previously partnered with Rebuildingsociety.com to approve its promotions and advertisements in the UK. However, last week, the FCA declared that Rebuildingsociety.com was not authorized to grant approval for crypto-related ads.
Binance is actively seeking another FCA-authorized entity to approve its financial promotions as quickly as possible. Existing Binance users from the UK who have completed the necessary tests will retain access to the platform’s services but won’t be able to access any new products or services during this temporary suspension period.
Crypto Platforms Comply with New Regulations
The FCA recently implemented new rules for digital assets, requiring crypto firms to register with the regulator and have their marketing materials approved by an authorized firm. These updates include clear warnings about the risks associated with crypto investments and fair and transparent marketing materials.
Coinbase, Revolut, and Binance have updated their applications to comply with these regulations. Coinbase and Revolut informed their customers via email about the changes, including adding risk disclaimers for crypto transactions. Binance launched a dedicated webpage for its UK customers.
Hot Take: Binance Adapts to UK Regulations
Binance’s decision to halt accepting new users in the UK demonstrates its commitment to complying with the country’s cryptocurrency marketing regulations. By seeking an FCA-authorized entity to approve its financial promotions, Binance aims to ensure the well-being of its users. The company is actively working with the FCA and hopes to find a suitable partner soon. While existing users will still have access to Binance’s services, they won’t be able to access new products or services during this temporary suspension period.
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