This move comes as the Financial Conduct Authority (FCA) tightens its grip on the digital asset industry
Binance has decided to suspend the acceptance of new customers in the UK. This move comes as the Financial Conduct Authority (FCA) tightens its grip on the digital asset industry, raising concerns about how crypto firms operate within the country.
As of 5 PM local time (4 PM GMT), new users in the UK are no longer able to register on the Binance platform. The FCA recently implemented new rules governing the promotion of cryptoassets, putting significant pressure on unregistered crypto companies.
“We are working closely with the FCA … are looking to find another suitable FCA-authorised firm to approve our financial promotions as soon as possible,” Binance said.
The regulatory guidelines concerning the promotion of cryptoassets by the Financial Conduct Authority (FCA) became effective on 8th October.
Crypto firms are now required to have an authorised entity approve their promotional activities aimed at UK consumers and this has affected Binance’s ability to onboard new users.