Crypto exchange Binance announced earlier this week that it will stop accepting new UK users in order to comply with new regulations.
On Monday, cryptocurrency exchange Binance announced it will stop accepting new customers in the United Kingdom in order to remain compliant with the UK’s crypto regulation.
Binance Complies with UK Financial Promotions Regime
Binance announced the move after the UK’s Financial Promotions Regime for qualifying crypto assets took effect on October 8. Under the UK’s stricter regulation, unregulated overseas firms, such as Binance, may promote their business in the UK if they engage with a firm authorized by the Financial Conduct Authority (FCA).
The crypto exchange engaged the FCA-authorized firm, Rebuildingsociety.com (‘REBS’), to review and ensure its promotions align with the UK’s new regulatory compliance.
Binance, however, said the FCA imposed legally binding requirements on REBS on October 10, meaning REBS could no longer approve
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