The cryptocurrency exchange Binance issued an upgrade for its U.K. operation on Monday.
Binance stops accepting users in the country. The notification reads:
On Monday, October 16, 2023, at 5:00 PM UK time, Binance will stop taking on new users from the UK.
The U.K. financial promotional regime for qualified crypto assets entered into force on October 8, according to Binance, who also noted that the new regulations permit unregulated international platforms, like as Binance, to advertise their crypto enterprises in the U.K. by working with FCA-authorized organizations.
Rebuildingsociety.com Ltd (REBS), an FCA-authorized company, was hired by Binance to assess and approve its U.K. financial advertising in accordance with the new regulations. On Oct. 10, the FCA put "legally-binding requirements" on REBS, which prevented it from approving financial promotions, according to the exchange. Furthermore, starting on October 11 at 5 p.m., "REBS had to withdraw any existing approvals of financial promotions on behalf of any cryptoasset businesses (including Binance)," the cryptocurrency exchange stated.
Binance stressed:
Currently, Binance is searching for a new FCA accredited approver.
The cryptocurrency corporation made it clear that its U.K. platform and the most recent version of its mobile app will be subject to interim restrictions. Until Binance successfully onboards with a new FCA-authorized approver and wins reapproval for its financial promotions, these restrictions will be in effect.
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