In response to the UK Financial Promotions Regime, effective October 8, 2023, Binance, a leading global cryptocurrency exchange, has undergone a series of adaptations.
These new regulations grant unregulated overseas crypto firms, like Binance, the opportunity to promote their cryptoasset services within the UK under the condition that they engage with an FCA (Financial Conduct Authority)-authorized firm. In Binance’s case, they initially partnered with Rebuildingsociety.com Ltd. (REBS) for the approval of their UK financial promotions in compliance with these rules.
However, on October 10, 2023, the FCA imposed restrictions on REBS, rendering them unable to approve financial promotions. Consequently, as of October 11, 2023, REBS was obligated to withdraw all existing approvals for financial promotions, including those pertaining to Binance.
To ensure continued compliance with UK regulations, Binance is actively seeking a new “FCA-authorized approver.” Nevertheless, during this transition period, there will be temporary limitations on Binance’s platform, including the exchange’s UK domain and the latest version of their mobile app, until a new FCA-approved entity is onboarded and financial promotions are reapproved.
What Does This Mean for Binance Users in the UK?
As of Monday, October 16, 2023, Binance had temporarily halted the acceptance of new users from the UK. Existing users will maintain access to the platform’s current services, provided they have completed the necessary investor declaration and appropriateness test. However, any new products and services will not be introduced during this transitional phase.
JUST IN: 🇬🇧 Binance will stop accepting new UK users.
— Watcher.Guru (@WatcherGuru) October 16, 2023
Throughout this period of adjustment, Binance is collaborating closely with the FCA to ensure user interests are safeguarded and to expedite the appointment of a new FCA-authorized firm for financial promotion approvals.
As these changes evolve, Binance says it remains committed to providing its UK user base with a secure and compliant cryptocurrency trading experience and will keep users updated on further developments.
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