United

Read

Binance suspends new UK user registrations in response to recent changes in the country’s crypto marketing regulations set by the Financial Conduct Authority. 
Binance, one of the world’s leading crypto exchanges, has <a href="https://www.binance.com/en-GB/blog/all/update-on-binance-for-uk-users-937596818854026589" data-type="link" data-id="https://www.binance.com/en-GB/blog/all/update-on-binance-for-uk-users-937596818854026589" target="_blank" rel="noopener">announced</a> that it will stop the registration of new United Kingdom-based users starting on Oct. 16. This decision comes in a bid to abide by the latest directives set out by the UK’s Financial Conduct Authority (FCA). 
The <a href="https://crypto.news/fca-intervenes-binance-uk-and-its-partner/" data-type="link" data-id="https://crypto.news/fca-intervenes-binance-uk-and-its-partner/">regulatory shift</a>, which was instituted on Oct. 8, has given firms registered with the FCA the latitude to either self-approve their advertisements or engage authorized third parties to vet and approve their promotional content. 
A notable aspect of these regulations is the emphasis on ensuring that the advertisements conform to stipulated standards, thereby fostering a safer and more transparent ecosystem for potential investors. 
 You might also like: <a href="https://crypto.news/binance-withdraws-registration-in-uk-amid-global-crackdown/"> Binance withdraws registration in UK amid global crackdown </a> 
Anticipating these changes, Binance had initially collaborated with Rebuildingsociety.com to oversee the approval of its promotional content within the UK. However, the FCA has since clarified that <a href="https://www.rebuildingsociety.com/" data-type="link" data-id="https://www.rebuildingsociety.com/" target="_blank" rel="noopener">Rebuildingsociety.com</a> lacks the requisite authorization to endorse cryptocurrency-related ads. 
Binance communicated its response of proactive engagement with the <a href="https://crypto.news/tag/fca/" data-type="link" data-id="https://crypto.news/tag/fca/">FCA</a>, saying, “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 authorized firm to approve our financial promotions as soon as possible”. 
For the existing UK Binance clientele, the implications are slightly different. While users can continue leveraging the platform’s services, this is conditional upon them having successfully undertaken the “Investor Declaration and Appropriateness Test”. Furthermore, these users will be momentarily restricted from accessing any novel products or services <a href="https://crypto.news/tag/binance/" data-type="link" data-id="https://crypto.news/tag/binance/">Binance</a> may introduce during this transitional phase. 
 Read more: <a href="https://crypto.news/binance-halts-gbp-deposits-and-withdrawals-in-the-uk/"> Binance halts GBP deposits and withdrawals in the UK </a>

Binance halts new user registration due to UK crypto marketing regulations

crypto.news

Other articles published on Oct 16, 2023

Wallet Count of 1M+ ADA Holders Decline, Are Whales Offloading ADA?

U.S. government is now largest Bitcoin whale with $5b in BTC

Manta Network transitions to Polygon CDK

Ripple CTO comments on odd 410M XRP transfer fee

Bitcoin Gearing Up for Volatility Breakout as Analyst Suggest Watching This Indicator

Is Cointelegraph a Fake News Media? Dissecting the Bitcoin ETF Fiasco

Join our free newsletter for daily crypto updates!