Compliance Shift: Binance Halts Onboarding of New U.K. Users in Adherence to Regulations

Police & Regulations
Oct 19, 2023 at 09:07 am

Commencing next Monday, Binance will initiate a brief suspension of new user registrations originating from the U.K., aligning itself with the prevailing regulatory framework governing cryptocurrency advertising within the nation. This measure is a direct response to recent interventions by the Financial Conduct Authority (FCA) of the U.K., which imposed limitations on Binance's local partner, prohibiting them from authorizing crypto-related advertisements.

In accordance with the revised directives, enterprises that hold registration with the FCA are now empowered to autonomously sanction their own advertising endeavors. Alternatively, they retain the option to enlist accredited entities to supervise and endorse their promotional campaigns.

Even though Binance had strategically forged an alliance with in anticipation of these new regulatory dynamics, granting them the capacity to secure approval for their promotions and advertisements within the U.K., the recent pronouncement from the FCA elucidated that lacked the requisite authorization to greenlight crypto ads.

Binance is actively engaged in collaborative efforts with the FCA to safeguard its user base from any adverse repercussions arising from these developments. The exchange is resolutely in pursuit of another apt FCA-authorized entity to expedite the approval process for their financial promotions.

Present patrons hailing from the U.K. will retain unimpeded access to Binance's array of services, provided they have satisfactorily completed the "Investor Declaration and Appropriateness Test." Nevertheless, they will experience a temporary constraint in their ability to avail themselves of any freshly introduced products or services during this interim period, as per the company's official communication.

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