The popular cryptocurrency exchange, Binance, is making changes in the UK due to new rules for crypto promotions that started on October 8, 2023, according to a company blog post.
These rules allowed overseas firms like Binance to promote their crypto businesses in the UK if they partnered with a Financial Conduct Authority (FCA) authorized firm. Binance chose Rebuildingsociety.com Ltd (REBS) for this task.
However, on October 10, the FCA imposed restrictions on Binance’s UK partner, REBS, making them unable to approve financial promotions. As a result, REBS had to withdraw any previous approvals for crypto asset businesses, including Binance, starting from 5 p.m. on October 11.
For Binance UK users, Binance will stop accepting new users from October 16, 2023, at 5 pm UK time.
Users already registered with Binance can keep using its services so long as they have fulfilled their obligations. They will have access to services currently available, but new products and services are off limits in this interim time.
The FCA’s sudden restrictions on crypto promotions showcase the regulatory challenges faced by the industry, impacting Binance and its users, highlighting the need for clearer guidelines in the evolving cryptocurrency landscape.
Also Read: FCA Restricts Binance’s UK Partner After Recent Partnership
