Fulfilling New Regulations, Binance Stops Receiving New Customers In The UK

Binance, one of the leading crypto exchange platforms (photo: Twitter @binance)

JAKARTA - Binance, one of the leading crypto exchange platforms, announced on Monday 16 October that it will stop accepting new subscribers in the UK. This step was taken to comply with new regulations that limit the promotion of foreign digital asset companies in the country.

New users in the UK will not be able to register on the platform starting at 17.00 local time (16.00 GMT), according to information posted on the Binance site.

The firm stance of this country comes as crypto regulations remain a focus worldwide after a series of high-profile collapse events last year sparked concerns about how these companies are using and storing customer deposits in industries that are largely unregulated.

New Regulations from the Financial Conduct Authority (FCA) which are about the promotion of crypto assets took effect on October 8.

Last week, UK financial regulators announced that they would be discontinuing peer-to-peer rebuildingsociety.com platforms from approving financial promotions for Binance and other crypto asset companies, just days after Binance announced a partnership with the company.

In its decision notification, the FCA stated that unregistered crypto asset companies should not promote crypto assets to consumers in the UK unless they have an authorized company to approve the promotion.

"Binance is working closely with the FCA and is looking for a company FCA-authorized that fits to approve our financial promotion as quickly as possible," Binance said in a statement.