Cryptocurrency exchange Binance will stop accepting UK users starting at 5 pm local time on October 16.
According to Binance’s announcementThis follows a legally binding request from the country’s Financial Conduct Authority (FCA) on its partner Rebuildingsociety.com Ltd (REBS) on October 10. The ruling also prohibits REBS from conducting advertising promotions soliciting Binance’s goods and services. The exchange wrote:
“Binance is currently looking for new FCA authorized approvers. However, until Binance does, some temporary restrictions will be implemented on our platform (i.e. www.binance.com/en-GB and the latest version of our mobile app) .to come on board with the new FCA authorized approver and re-approval of its financial promotions.”
Existing Binance users in the UK will retain their services. However, the exchange clarified that “no new products and services will be offered during this transition period.” The Binance International platform offers a variety of gift cards, Binance Academy, Binance Research, Binance News, and referral bonuses, among others. The product is currently unavailable on its UK platform.
Cointelegraph previously reported that the FCA began enforcing a new set of cryptocurrency marketing rules that require exchanges to “market clearly, fairly and honestly to UK consumers, and must also provide understandable risk warnings.” The ruling at the time also allowed entities registered with the FCA to market products and services on behalf of overseas companies that were not registered with the FCA. Binance plans to use REBS to allow its UK users to view the exchange’s products and services through localized domain names, as the exchange is not registered with the FCA.
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