March 27, 2024
UK users face restrictions as Binance stops new sign-ups due to FCA requirements.
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Binance Halts UK User Registrations Due to FCA Mandate

Crypto exchange Binance is set to cease accepting new users from the United Kingdom starting at 5 p.m. local time on October 16. In accordance with Binance’s official announcement, this decision was prompted by the Financial Conduct Authority (FCA) of the United Kingdom imposing legally binding requirements on Binance’s partner, Ltd. (REBS), on October 10. One of the key stipulations included in the ruling is the prohibition of REBS from engaging in promotional activities related to Binance’s goods and services.

In their statement, the exchange mentioned that Binance is actively searching for a new FCA-authorized intermediary. Nevertheless, certain temporary restrictions will be implemented on the platform (i.e., and the latest version of our mobile app) until Binance successfully collaborates with a new FCA-authorized intermediary and receives approval for its financial promotions.

Existing Binance users in the UK will continue to have access to their services, but the exchange clarified that any new products and services will not be accessible during this interim period. Various offerings, including gift cards, Binance Academy, Binance Research, Binance Feed, and the Referral Bonus, which are available on the Binance international platform, are currently unavailable on its UK platform.

The FCA has initiated the enforcement of a series of new regulations governing the marketing of cryptocurrencies, requiring exchanges to clearly, fairly, and honestly market to UK consumers while also providing risk warnings that are easily understandable.

At the time of the ruling, the FCA also granted registration entities the authority to promote products and services on behalf of foreign entities not registered with the FCA. Binance had intended to utilize REBS to enable its UK users to access the exchange’s products and services via a localized domain, given that the exchange itself is not registered with the FCA.

Image by pixabay

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