Binance, one of the largest cryptocurrency exchanges, has announced that it will no longer accept new users from the United Kingdom starting from 5 p.m. local time on October 16th. The decision comes after the Financial Conduct Authority (FCA) imposed restrictions on Binance’s partner, Rebuildingsociety.com Ltd, prohibiting them from advertising Binance’s products and services.

Although existing Binance users in the UK will still be able to use the platform, the exchange stated that new products and services will not be available during this period. This means that features such as gift cards, Binance Academy, Binance Research, Binance Feed, and Referral Bonus will be temporarily unavailable on the UK platform.

The FCA recently implemented new rules for crypto marketing, requiring exchanges to be transparent and provide clear risk warnings to UK consumers. Binance had planned to use REBS as a way for UK users to access its products and services without being registered with the FCA.

FAQ

Why is Binance halting new user registrations in the UK?

Binance is halting new user registrations in the UK because the country’s Financial Conduct Authority (FCA) imposed restrictions on its partner, Rebuildingsociety.com Ltd (REBS), prohibiting them from advertising Binance’s products and services. Binance is currently looking for a new FCA authorized approver.

Will existing Binance users in the UK be affected?

Existing Binance users in the UK will not be affected. They will still be able to use the platform, but new products and services will not be available during this period.

Which features will be unavailable on the UK platform?

The following features will be temporarily unavailable on the Binance UK platform: gift cards, Binance Academy, Binance Research, Binance Feed, and Referral Bonus.

What are the new rules implemented by the FCA?

The FCA has implemented new rules for crypto marketing, requiring exchanges to market to UK consumers clearly, fairly, and honestly. Exchanges must also provide risk warnings that people can understand.

When will the restrictions on Binance be lifted in the UK?

The restrictions on Binance in the UK will be lifted once they find a new FCA authorized approver and have their financial promotions reapproved.

Summary

Binance, the popular cryptocurrency exchange, is temporarily halting new user registrations in the United Kingdom. This decision comes after the Financial Conduct Authority (FCA) imposed restrictions on Binance’s partner, Rebuildingsociety.com Ltd (REBS), preventing them from advertising Binance’s products and services. Existing Binance users in the UK will not be affected, but new products and services will not be available during this period. Binance is currently looking for a new FCA authorized approver to lift the temporary restrictions on its UK platform.