Binance Stops Registration for New Users in UK
Binance has recently made an important announcement regarding the suspension of new user registrations in the United Kingdom as of October 16, 2023. This decision is in direct response to the introduction of new crypto regulations in the UK, which officially took effect on October 8.
While existing clients who registered before the aforementioned date will still be able to access and use the current services offered by Binance, they will not have access to any new products. In an effort to accommodate British users and align with these new regulations, Binance has introduced a dedicated domain.
The new rules stipulate that foreign companies involved in crypto operations are required to collaborate with an organisation that has received accreditation from the Financial Conduct Authority (FCA) when promoting their services within the UK.
To adhere to these rules, Binance initially entered into a partnership with Rebuildingsociety.com (REBS). However, on October 11, the FCA issued an order for REBS to halt all marketing campaigns, which led to Binance’s decision to terminate its agreement with REBS. Now Binance is seeking a new organisation to ensure compliance with the regulations.
The United Kingdom is currently in the process of enacting changes in crypto legislation and regulations with the aim of establishing the country as a global hub for crypto assets and blockchain technology. The FCA has proposed to develop new measures to regulate the crypto sector.
Binance is not alone in having to implement restrictions in response to the new regulations in the UK. In September, the CEO of Bybit also mentioned the possibility of the exchange exiting the UK market due to these new marketing rules. Furthermore, on October 8, the regulator added several crypto exchanges to its list of unauthorised companies.
In May of this year, Binance revealed its withdrawal from the Canadian market. In June, it ceased its operations in Cyprus and the Netherlands. Last month, the exchange announced the sale of its business in Russia and the transition of its Russian clients to the newly established CommEX platform.