Binance Halts New User Registrations in the UK Amid Regulatory Concerns

Binance, a cryptocurrency exchange, has announced its decision to cease accepting new customers in the United Kingdom. This action is in compliance with newly imposed regulations that restrict overseas digital asset firms from promoting their services in the country. Starting from 5 PM local time (4 PM GMT), individuals in the UK will no longer be able to register on the Binance platform, as stated in an official post on the company’s website.

The UK’s stringent approach to cryptocurrency regulation is part of a broader international focus on overseeing the cryptocurrency industry, particularly following a series of high-profile collapses last year that raised concerns about the handling and security of customer deposits within the largely unregulated crypto sector.

The Financial Conduct Authority (FCA) introduced new rules regarding the promotion of cryptoassets on October 8. Just last week, the UK’s financial regulator took action against the peer-to-peer platform rebuildingsociety.com, prohibiting it from approving financial promotions for Binance and other crypto asset firms. This move occurred shortly after Binance had announced a partnership with the aforementioned platform.

In its decision notice, the FCA emphasized that unregistered crypto assets firms are not allowed to promote crypto assets to UK consumers unless they are officially authorized to do so by an authorized entity.