(CTN News) – In compliance with new UK regulations, Binance said on Monday that it would cease accepting new customers in the United Kingdom, as a result of a new rule limiting promotions by overseas firms promoting digital assets in the country.
Binance has announced that new users in the UK will not be able to register for Binance from 5 PM local time (4 PM GMT), according to a post on the platform’s blog, which was published on Tuesday.
Despite the country’s tough stance, cryptocurrency regulation remains a hot topic around the world following a string of high-profile collapses last year sparked concerns about the way in which these firms use and store the money of their customers in an industry that is largely unregulated.
As we all know, in October of last year, the Financial Conduct Authority (FCA) published new guidelines regarding the promotion of cryptoassets in the financial markets.
A week ago, British financial regulators announced they were stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other crypto asset firms, a week after Binance announced it had partnered with the platform.
In its decision notice, the FCA has stated that non-registered cryptoasset firms must not promote cryptoassets to UK consumers unless they have the approval of a company authorized to approve such promotions on their behalf.
Binance stated in a statement that it has been working closely with the Financial Conduct Authority, and that it is searching for another FCA-authorised firm that will approve our financial promotions as soon as possible.