According to a blog post by the firm, Binance will halt taking on new customers from the United Kingdom as of Monday in order to adhere to local regulations on crypto marketing.The new rules, which took effect on October 8, allow businesses that are registered with the Financial Conduct Authority (FCA) of the United Kingdom to approve their own advertisements.If that doesn’t work, businesses might ask legitimate organizations to approve their adverts.
Prior to the regulations taking effect, Binance collaborated with a company called Rebuildingsociety.com to have its promotions and advertisements approved in the U.K. However, the FCA said last week that the latter was not permitted to approve cryptocurrency advertisements.
“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,” the exchange said.
Existing U.K. customers who have passed the “Investor Declaration and Appropriateness Test” will still have access to services, but new customers won’t be able to utilize any new goods or services during this time, the business stated.