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Binance

Binance Halts New User Registrations In The UK Starting October 16

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant development, Binance, the world’s largest cryptocurrency exchange, announced the suspension of access to its platform for new users in the United Kingdom. 

According to a Bloomberg report, the move comes after the termination of a partnership with a third-party firm responsible for approving communications on the exchange, as mandated by the UK’s financial watchdog.

UK Users Blocked

Effective from 5 p.m. London time on Monday, October 16, individuals in the UK who have not yet registered with Binance will no longer be able to create new accounts, according to an official blog post by the exchange. 

This decision makes the exchange challenging as it seeks to regain access to one of the most significant cryptocurrency markets outside of the United States.

Related Reading: ‘Ripple Is The Internet Of Value’ Ethereum Founder Vitalik Buterin Says In Recovered Video

The regulatory changes that prompted this move stem from expanding the UK’s financial promotions regime, which now covers crypto asset service providers regardless of their jurisdiction. 

Under the new rules, all crypto platforms must display clear risk warnings to UK-based consumers and meet stringent technical standards. Additionally, all communications must receive approval from an FCA-authorized firm. 

Non-compliance carries severe penalties, including being listed on the FCA’s public warning register, unlimited fines, and potential criminal charges.

Binance Seeks New Communications Approver

To comply with these requirements, Binance had enlisted the services of peer-to-peer lending platform Rebuildingsociety.com to approve its communications with UK customers, including website content and app text, according to Bloomberg. 

However, the FCA recently restricted Rebuildingsociety.com’s authorization to approve communications for crypto companies, ordering the withdrawal of all prior approvals by October 11 at 5 p.m. London time. 

Related Reading: Bitcoin Retests $28,000 As Large Holders Accumulate

Binance disclosed its intention to engage a new approver for its communications shortly. On this matter, the exchange stated: 

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.

This latest setback adds to the growing regulatory scrutiny faced by Binance and its CEO, Changpeng Zhao, on a global scale. The company is currently entangled in several legal disputes in the United States and Canada, alongside an ongoing investigation by the US Department of Justice. 

The Financial Conduct Authority previously cautioned consumers against using Binance’s services, expressing concerns over the exchange’s ability to be effectively regulated due to its complex organizational structure.

As Binance navigates these regulatory challenges, its exclusion of new UK users reflects the increasing pressure on cryptocurrency exchanges to adhere to stricter compliance standards. It underscores the evolving landscape of the crypto industry.

Binance
BNB’s recovery on the daily chart. Source: BNBUSDT on TradingView.com

As of the time of writing, the price of Binance Coin (BNB) stands at $219, reflecting a 1.3% increase over the past 24 hours and a 4.2% gain over the seven days.

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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