Binance will cease accepting new users from the United Kingdom starting on Monday, October 16th. This decision comes shortly after the introduction of new regulations by the UK Financial Promotions Regime on October 8, 2023. These regulations allow foreign, unregulated firms like Binance to promote their crypto-related activities in the UK through a company approved by the Financial Conduct Authority (FCA). Binance announced this in their press release.
To comply with these regulations, Binance had enlisted Rebuildingsociety.com Ltd (REBS), an FCA-authorized company, to assess and approve its financial promotions in the UK. However, on October 10th, the FCA imposed legally binding requirements on REBS, which prevented REBS from further approving financial promotions. As a result, REBS had to revoke all existing approvals of financial promotions, including those for Binance, starting from October 11th at 5:00 PM.
While Binance seeks a new FCA-authorized partner, temporary restrictions will be in place on the Binance platform and its mobile app. Existing Binance users from the UK can continue using the current services if they have completed their investor statement and suitability test. However, new products and services will not be available during this interim period.
The Financial Conduct Authority (FCA) in the United Kingdom serves as a regulatory authority overseeing financial markets and businesses operating within its jurisdiction. This includes regulations related to promoting services to individuals within the UK.
