Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights
Oct 16 (Reuters) – Cryptocurrency exchange Binance said on Monday it will stop accepting new customers in the United Kingdom, in compliance with new regulation restricting promotions from overseas digital asset firms in the country.
New users in the UK will not be able to register on the platform from 5 PM local time (4 PM GMT), according to a post on Binance’s website.
The country’s tough stance comes as cryptocurrency regulation remains in focus around the world after a string of high-profile collapses last year sparked worries about how these firms use and store customer deposits in a largely unregulated industry.
The Financial Conduct Authority’s (FCA) new rules around cryptoasset promotions came into effect on Oct. 8.
Last week, Britain’s financial regulator said it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other crypto asset firms, days after Binance announced it had partnered with the company.
The FCA in its decision notice had said unregistered cryptoasset firms must not promote cryptoassets to UK consumers unless they have an authorized company to approve the promotions.
“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 said.
Reporting by Manya Saini in Bengaluru; Editing by Devika Syamnath
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