Crypto exchange Binance stops accepting new users in the UK
The post Crypto exchange Binance stops accepting new users in the UK appeared on BitcoinEthereumNews.com. Binance, the world’s largest crypto exchange, has taken a decisive step to comply with the changing regulatory landscape in the United Kingdom (UK). In response to new cryptocurrency regulations from the Financial Conduct Authority (FCA), Binance has stopped accepting new users in the UK, marking a pivotal moment in the exchange’s commitment to regulatory compliance. Crypto exchange Binance adapts to regulatory changes: stops accepting new user registrations in the UK Binance, a leading name in the world of cryptocurrency exchanges, has recently taken a significant step to comply with the regulatory framework set by the Financial Conduct Authority (FCA) in the UK. In an official announcement, Binance declared the suspension of new user registrations in the UK, effective from 5pm UK time on 16 October 2023. The move comes in response to the UK’s new financial promotion regime for qualifying crypto assets, which came into force on 8 October. Under this new legislation, unregulated overseas cryptocurrency platforms, including Binance, can partner with FCA-authorised firms to promote their cryptocurrency assets in the UK. Binance’s compliance strategy initially involved working with FCA-authorised firm Rebuildingsociety.com Ltd (REBS) to review and approve its UK financial promotions in line with the new rules. However, on 10 October, the FCA imposed “legally binding requirements” on REBS, preventing it from continuing to approve financial promotions. As a result, at 5pm on 11 October, the REBS was forced to withdraw all previously granted authorisations for financial promotions on behalf of cryptocurrency companies, including, of course, Binance. In light of these developments, Binance has begun the process of finding a new FCA-authorised entity to facilitate the approval of its financial promotions. This marks a pivotal moment for the cryptocurrency exchange, as it signals a deliberate shift towards full regulatory compliance. As a result of this transition, temporary restrictions have…
The post Crypto exchange Binance stops accepting new users in the UK appeared on BitcoinEthereumNews.com.
Binance, the world’s largest crypto exchange, has taken a decisive step to comply with the changing regulatory landscape in the United Kingdom (UK). In response to new cryptocurrency regulations from the Financial Conduct Authority (FCA), Binance has stopped accepting new users in the UK, marking a pivotal moment in the exchange’s commitment to regulatory compliance. Crypto exchange Binance adapts to regulatory changes: stops accepting new user registrations in the UK Binance, a leading name in the world of cryptocurrency exchanges, has recently taken a significant step to comply with the regulatory framework set by the Financial Conduct Authority (FCA) in the UK. In an official announcement, Binance declared the suspension of new user registrations in the UK, effective from 5pm UK time on 16 October 2023. The move comes in response to the UK’s new financial promotion regime for qualifying crypto assets, which came into force on 8 October. Under this new legislation, unregulated overseas cryptocurrency platforms, including Binance, can partner with FCA-authorised firms to promote their cryptocurrency assets in the UK. Binance’s compliance strategy initially involved working with FCA-authorised firm Rebuildingsociety.com Ltd (REBS) to review and approve its UK financial promotions in line with the new rules. However, on 10 October, the FCA imposed “legally binding requirements” on REBS, preventing it from continuing to approve financial promotions. As a result, at 5pm on 11 October, the REBS was forced to withdraw all previously granted authorisations for financial promotions on behalf of cryptocurrency companies, including, of course, Binance. In light of these developments, Binance has begun the process of finding a new FCA-authorised entity to facilitate the approval of its financial promotions. This marks a pivotal moment for the cryptocurrency exchange, as it signals a deliberate shift towards full regulatory compliance. As a result of this transition, temporary restrictions have…
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