Binance’s effort to comply with regulations keeps hitting roadblocks. There is always more work to be done, no matter how successful the global exchange becomes.
The exchange announced that it would temporarily stop accepting new UK customers in response to recent amendments made by the Financial Conduct Authority. According to the exchange’s latest updates, Binance will stop onboarding new UK users, starting from Monday 16 October 2023.
The new rules will also place restrictions on the exchange’s existing customers in the UK. Binance noted that available services remain accessible to existing UK users, but “any new products and services will not be made available during this interim period.”
The legacy regulators are bringing the heat
On Oct. 8, Binance launched a UK-specific domain in partnership with REBS, an FCA-approved firm, to provide financial promotions in compliance with FCA’s regulations. This was the exchange’s attempt to re-enter the UK markt after its withdrawal of UK operations license in July.
Later on Oct. 10, the UK financial authorities updated its Financial Promotions Regime with legally binding requirements on Rebuildingsociety.com Ltd (REBS), Binance’s promotion partner in the UK.