Binance Halts New User Registrations in the UK

         

Summary: In compliance with new regulations, Binance, a cryptocurrency exchange, has announced that it will no longer accept new customers from the United Kingdom. The decision follows the Financial Conduct Authority’s (FCA) rules regarding cryptoasset promotions.

Beginning at 5 PM local time, Binance will no longer allow new users in the UK to register on their platform. This move is a response to the FCA’s regulations that aim to restrict promotions from overseas digital asset firms in the country.

The FCA’s stricter stance on cryptocurrency regulation reflects global concerns following several high-profile collapses in the industry last year. The lack of regulation in the cryptocurrency market has raised concerns about the handling and storing of customer deposits.

Last week, the FCA prevented peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other crypto asset firms. This decision came shortly after Binance announced its partnership with the platform.

Binance has expressed its intention to cooperate with the FCA and find an authorized company to approve their financial promotions. They are actively seeking another suitable FCA-authorised firm for this purpose.

Tags: Binance, cryptocurrency exchange, UK regulation, Financial Conduct Authority, cryptocurrency industry

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