Binance Stops Accepting UK Users Following FCA Requirements
Crypto exchange Binance has announced that it will no longer accept users from the United Kingdom starting from 5 p.m. local time on October 16. The decision was made in response to legally binding requirements imposed by the Financial Conduct Authority (FCA) on Binance’s partner, Rebuildingsociety.com Ltd (REBS), on October 10. These requirements prohibited REBS from promoting Binance goods and services.
Binance stated that it is currently searching for a new FCA authorized approver, but in the meantime, there will be temporary restrictions on its platform. Existing Binance users in the UK will continue to have access to their services, but new products and services will not be available during this interim period. This means that various offerings such as gift cards, Binance Academy, Binance Research, Binance Feed, and Referral Bonus are currently unavailable on the UK platform.
Hot Take: Impact of Binance’s Decision on UK Crypto Users
Binance’s decision to stop accepting users from the UK is a direct result of the FCA’s requirements on its partner REBS. While existing Binance users in the UK can still use the platform, they will not have access to new products and services during this period. This may inconvenience some users who were looking forward to utilizing these features. However, it is important for crypto users in the UK to comply with regulatory standards set by authorities like the FCA. As Binance searches for a new FCA authorized approver, it remains to be seen how long these restrictions will last and what impact they will have on the overall crypto ecosystem in the country.
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