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Home » Binance Ceases New User Registrations In The U.K. Amid Regulatory Challenges

Binance Ceases New User Registrations In The U.K. Amid Regulatory Challenges

Hania by Hania
October 17, 2023
in Crypto Exchanges
Reading Time: 2 mins read
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Binance Ceases New User Registrations In The U.K. Amid Regulatory Challenges
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  • Compliance Leads To User Registration Freeze
  • Global Regulatory Challenges

Binance, the world’s largest cryptocurrency exchange, has temporarily halted the registration of new customers in the United Kingdom in response to evolving regulations that restrict foreign companies from promoting digital assets in the country.

Compliance Leads To User Registration Freeze

As of 5 p.m. on a recent Monday in the U.K. (12:00 a.m. in Hong Kong), Binance ceased accepting new customer registrations in the region. The exchange emphasized that existing users in the U.K. would continue to access its services without disruption.

The catalyst for this decision can be traced back to earlier this year when the Financial Conduct Authority (FCA) granted Binance’s request to revoke the exchange’s permissions in the United Kingdom. The FCA’s decision stemmed from concerns about Binance’s corporate structure, which was flagged in 2021.

Binance sought to reinstate some local services by partnering with Rebuildingsociety.com Ltd, a regulated entity, on October 8. However, the FCA intervened on October 10, instructing Rebuildingsociety to withdraw its existing approvals.

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Binance Ceases New User Registrations In The U.K. Amid Regulatory Challenges

In response to these developments, Binance intended to find a new FCA-authorized approver but acknowledged the imposition of temporary restrictions on its platform. The latest changes in the U.K.’s Financial Services and Markets Act (FSMA), effective October 8, criminalize the promotion of digital asset products in the country by unlicensed crypto firms.

Global Regulatory Challenges

Binance has faced regulatory obstacles on a global scale, including legal proceedings in the United States. The Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission filed lawsuits against Binance earlier this year.

The exchange is navigating a complex landscape of evolving regulations, with the U.K.’s restrictions on promotional activities being the most recent development.

Also Read: UK Regulator’s Blitz: 146 Crypto Alerts Issued In 24 Hours

Tags: crypto newsREGULATIONSunited kingdom
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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