Binance, the world’s largest cryptocurrency exchange, will stop accepting new customers in the UK.
The company announced the move on Monday in compliance with new Financial Conduct Authority (FCA) regulations restricting promotion from digital asset firms in the UK which came into effect on 8 October.
Binance stopped accepting new users from 5PM local time on Monday, and said that it is looking for a solution.
One of the main features of the new rules is that crypto firms must not promote cryptoassets – such as currencies like Bitcoin and Etherum or non-fungible tokens (NFTs) – without having an authorised company to approve the promotions.
Binance had partnered with peer-to-peer platform rebuildingsociety.com to achieve compliance with the new rules, but the FCA last week stopped the website from approving financial promotions.
Binance said: "We are working closely with the FCA ... are looking to find another suitable FCA-authorised firm to approve our financial promotions as soon as possible.”
The UK has taken a tough stance on crypto following a series of collapses sparked by the downfall of FTX in late 2022.
Latest News
-
HSBC Australia sued by regulator for systemic scam protection failures
-
Online Safety Act will enable banks to respond quicker to fraud, says Lloyds fraud director
-
SocGen completes first repo transaction on public blockchain
-
ABN Amro to launch ‘Pay on Invoice’ tool
-
APP rules already shifting criminal tactics, says NatWest fraud exec
-
Visa Direct rolls out 1-minute transfers for US bank accounts
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories