Binance, the world’s largest cryptocurrency exchange, will stop accepting new customers in the UK.
The company announced the move on Monday in compliance with new Financial Conduct Authority (FCA) regulations restricting promotion from digital asset firms in the UK which came into effect on 8 October.
Binance stopped accepting new users from 5PM local time on Monday, and said that it is looking for a solution.
One of the main features of the new rules is that crypto firms must not promote cryptoassets – such as currencies like Bitcoin and Etherum or non-fungible tokens (NFTs) – without having an authorised company to approve the promotions.
Binance had partnered with peer-to-peer platform rebuildingsociety.com to achieve compliance with the new rules, but the FCA last week stopped the website from approving financial promotions.
Binance said: "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.”
The UK has taken a tough stance on crypto following a series of collapses sparked by the downfall of FTX in late 2022.
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