New Binance UK Users Will Not Be Accessed To The Exchange From October 16

Binance, a major cryptocurrency exchange, has announced that it will cease accepting new Bianance UK users from the United Kingdom starting Monday, October 16, 2023, at 5 p.m. UK time. The decision is in response to recent changes in cryptocurrency marketing regulations imposed by the Financial Conduct Authority (FCA). These new rules allow overseas firms, like Binance, to promote their crypto businesses in the UK, provided they engage with an FCA-authorized entity for financial promotion approval. FCA imposed legally binding requirements on Binance’s approved entity, Rebuildingsociety.com Ltd (REBS). This meant that REBS could no longer approve financial promotions, and as of 5 p.m. on October 11, 2023, they were required to withdraw any existing approvals for cryptoasset businesses, including Binance. The exchange is actively seeking a new FCA-authorized entity to approve its financial promotions. During this transition period, existing Binance UK users who have completed the necessary investor declarations and suitability tests will continue to have access to their current services. However, no new products or services will be offered. Binance’s risk warnings and gain a better understanding of the specific cryptoassets they wish to invest in.