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Crypto exchange Binance to stop accepting new users in UK

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

By new legislation limiting advertisements from foreign digital asset businesses nationwide, cryptocurrency exchange Binance said on Monday that it would halt taking on new users in the United Kingdom.

According to a message on Binance’s website, new users in the UK won’t be allowed to sign up on the platform after 5 PM local time (4 PM GMT).

With several high-profile collapses last year raising concerns about how these businesses utilize and hold consumer deposits in a largely unregulated market, the nation has taken a severe position on cryptocurrency legislation.

On October 8, the Financial Conduct Authority (FCA) implemented new regulations on cryptoasset advertising.

Days after Binance launched its partnership with rebuildingsociety.com, Britain’s financial authority warned last week that it prevented the peer-to-peer platform from allowing financial advertising for Binance and other crypto asset companies.

Unregistered cryptoasset businesses are not permitted to advertise cryptoassets to UK customers, according to the FCA’s decision notice, unless they have a company approved to approve the advertisements.

“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 stated.

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