Benzinga - In light of recent developments with the UK Financial Promotions Regime for qualifying crypto assets, Binance on Monday announced a temporary halt on accepting new users from the UK.
The regulations, which are effective from Oct. 8, stipulate that overseas firms such as Binance could promote their crypto businesses in the UK only through collaboration with an FCA-authorized firm.
The situation draws attention to the evolving nature of digital asset regulations, a topic poised to be extensively discussed at Benzinga's Future of Digital Assets conference on Nov. 14.
Binance had initially partnered with Rebuildingsociety.com Ltd (REBS) to ensure its UK financial promotions met the new guidelines.
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However, on Oct. 10, the FCA placed legally binding requirements on REBS, preventing them from approving any financial promotions.
This move directly impacted Binance, as REBS had to rescind its existing financial promotion approvals for Binance and other crypto businesses by Oct. 11.
While Binance seeks another FCA-authorized entity to oversee its UK promotions, certain temporary restrictions will be implemented on its platform, including its website and mobile app.
Effective from 5 pm UK time on Monday, Oct. 16, Binance will no longer onboard new UK customers.
Nonetheless, existing UK users will maintain access to their current services, assuming they've met the necessary conditions.
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