Binance Suspends New User Registrations in the UK

Binance, one of the leading cryptocurrency exchanges, has made a significant decision to halt new user registrations in the United Kingdom. This abrupt move was triggered by the UK’s Financial Conduct Authority (FCA), which imposed legally binding requirements on Binance’s partner, Rebuildingsociety.com Ltd (REBS), on October 10. Among the conditions set forth by the FCA, REBS was prohibited from promoting Binance goods and services through ad campaigns.

In response to the regulatory constraints, Binance announced its search for a new FCA authorized partner. During this transitional phase, temporary restrictions will be implemented on the Binance platform in the UK. These restrictions include the suspension of new product offerings and services. While existing Binance users in the UK will continue to have access to their accounts, any new products and services will remain unavailable until Binance establishes a partnership with a new FCA authorized entity and obtains reapproval for its financial promotions.

Currently, specific features and services such as gift cards, Binance Academy, Binance Research, Binance Feed, and Referral Bonus, which are accessible on the international Binance platform, are not available to users in the UK.

The FCA’s recent enforcement of new cryptocurrency marketing rules emphasizes the need for exchanges to market their products and services transparently, fairly, and honestly to UK consumers. These rules also mandate the inclusion of risk warnings that are comprehensible to the general public. Furthermore, FCA-registered entities are permitted to market products and services on behalf of overseas firms not registered with the FCA.

Binance had planned to collaborate with REBS to enable its UK users to access the exchange’s products and services through a localized domain. However, due to the FCA’s regulatory requirements and restrictions, Binance is now actively seeking an alternative FCA authorized partner to resume its operations seamlessly within the UK market.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you