Binance Halts New UK User Registrations Due to Regulatory Changes
Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will no longer accept new users from the United Kingdom.
The decision comes in response to new regulations imposed by the Financial Conduct Authority (FCA), requiring crypto firms to register with the financial regulator and have their marketing approved by an FCA-authorized entity. Binance had utilized Rebuildingsociety.com for approvals in the UK, but the FCA recently added Binance to its list of regulated firms prohibited from promoting crypto services in the country.
Binance is actively seeking a new FCA-authorized entity to continue onboarding customers and comply with the regulations. This move follows Binance’s recent challenges in the UK, including the suspension of pound sterling deposits and the loss of its European banking partner, Paysafe Payment Solutions. The exchange is currently facing increased regulatory scrutiny in several countries, including the UK, the US, Germany, France, and the Netherlands.
Clever Robot News Desk 18th October 2023
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