17 October 2023

Binance stops accepting new UK customers

Written By FinTech Alliance in Regulation

Binance stops accepting new UK customers

Binance has stopped accepting new users in the UK while it works to find a partner to help it meet recently-introduced crypto asset promotion rules.

In brief:

-The crypto giant stopped accepting new UK customers at 5pm on Monday

-Under FCA rules introduced earlier this month, firms wishing to promote cryptoassets in the UK must, by law, be authorised or registered by the FCA, or have their marketing approved by an authorised firm.

-As an unregulated overseas firm, Binance engaged FCA-authorised firm Rebuildingsociety.com to review and approve financial promotions in compliance with the new rules. But, last week the FCA said that Rebuildingsociety.com is not licensed to do this.

What does this mean?

"We are working closely with the FCA to ensure that our users are not harmed by these developments and are looking to find another suitable FCA authorised firm to approve our financial promotions as soon as possible." says Binance

Read more here.

Up Next ...
04 November 2024

Finance apps are in ‘need of improvement’, says a quarter of Brits

A recent survey by UK mobile specialists Apadmi reveals that ...

04 November 2024

Barclays acquires Tesco Bank

Barclays Bank UK PLC has completed the acquisition of Tesco ...

04 November 2024

fundcraft Increases Series A to €11 Million Demonstrating Strong Product-Market Fit

fundcraft has increased its Series A funding to €11 million, ...

01 November 2024

Mollie and Hyvä announce strategic partnership, launching Hyvä Commerce

Mollie, a leading financial service provider, has partnered with Hyvä, ...

More in Regulation

Qatar Central Bank launches express sandbox

30 May 2024

The express sandbox is an expedited programme

FCA calls for “robust frameworks” to detect fraud and support victims

10 November 2023

The UK’s Financial Conduct Authority (FCA) has called for stronger ...

Seedrs licenced under new EU authorisation

25 October 2023

Private investment platform Seedrs is now authorised under new EU ...

Zumo launches first platform that meets new FCA requirements

02 October 2023

Digital-asset-as-a-service platform Zumo has become the first to integrate the ...

White Papers Regulation

House of Lords: The UK-EU Relationship in Financial ServiceS

30 June 2022

The UK financial services sector is of vital importance to the UK economy as a whole, employing 2.3...

White Papers Regulation

Jumio: Anti-money laundering regulations in 2022

16 March 2022

With the increased global focus on anti-money laundering (AML) and countering the financing of terro...

Articles Regulation

The Future of Regulation 2022

24 February 2022

The fire for innovation in financial services has long been raging, and regulators, having transform...

White Papers Regulation

Regulation of Buy-Now Pay-Later

01 December 2021

Consumer credit has been regulated in the UK since the Consumer Credit Act (CCA) was passed in 1974....

There are no Events in this category