Binance has stopped accepting new users in the UK while it works to find a partner to help it meet recently-introduced crypto asset promotion rules.
The crypto giant stopped accepting new UK customers at 5pm on Monday, according to a blog.
Under Financial Conduct Authority rules introduced earlier this month, firms wishing to promote cryptoassets in the UK must, by law, be authorised or registered by the FCA, or have their marketing approved by an authorised firm.
As an unregulated overseas firm, Binance engaged FCA-authorised firm Rebuildingsociety.com to review and approve financial promotions in compliance with the new rules. But, last week the FCA said that Rebuildingsociety.com is not licensed to do this.
Says Binance: “We are working closely with the FCA to ensure that our users are not harmed by these developments and are looking to find another suitable FCA authorised firm to approve our financial promotions as soon as possible.”
Binance has fallen foul of the FCA before: In 2021, the exchange lost access to Faster Payments after the watchdog ordered it to stop regulated activities in the UK. Earlier this year, the firm had to halt sterling deposits and withdrawals after Paysafe, its partner for the service, cut it off.
Meanwhile, in the US the exchange and its CEO Changpeng Zhao are being sued by the SEC for alleged securities law violations.
