Binance UK will stop accepting new UK customers temporarily

After the FCA issued a warning to its partner firm, Rebuilding Society, Binance UK will stop accepting new UK customers

October 16, 2023 02:19 pm

mundissima/Shutterstock modified by Blockworks

Binance UK will stop accepting new UK users after its partner firm was banned from approving crypto ads.

According to a Monday blog post, the company is “looking for a new FCA authorized approver.” However, until it establishes a new partnership, it has to limit its UK services.

On top of not being able to accept new UK users, existing users on Binance UK will not be able to access new products or services, though current services will remain available.

The crypto exchange added that it is working “closely” with the UK’s Financial Conduct Authority.

Last week, the UK regulator cracked down on Rebuilding Society — an FCA-registered entity — and ordered the firm to withdraw “existing approvals” for crypto financial promotions and said that it “must not approve the content of any financial promotion for a qualifying crypto asset for communication by an unauthorized person.”

A Binance spokesperson told Blockworks that the crypto exchange engaged with the FCA regarding its agreement with Rebuilding Society back on Oct. 2. Binance made its official announcement on Oct. 8 and then two days later, the FCA issued its warning to the firm.

The spokesperson also said that it had spent “an enormous amount of time and resources” to ensure that its UK entity is “positioned to comply with the detailed requirements.”

The FCA began officially enforcing the new crypto promotion regulations earlier this month, after issuing multiple warnings ahead of the rollout.

Since the regulations became official, the FCA has targeted over 140 companies as part of a broad warning to curb illegal crypto financial promotions in the UK.

Get the news in your inbox. Explore Blockworks newsletters: