Binance exchange will no longer welcome users from the United Kingdom starting October 16, at 5:00 p.m. local time following the Financial Conduct Authority’s (FCA) imposed restrictions on its U.K. partner REBS.
According to an October 10 announcement by Binance, the Financial Conduct Authority (FCA) of the United Kingdom imposed legally binding requirements on its partner Rebuildingsociety.com Ltd (REBS). The ruling prohibits REBS from advertising Binance’s products and services, among other restrictions. Written exchange:
“Binance is currently looking for a new FCA authorised approver. However, there will be some temporary restrictions coming into effect on our Platform (i.e. www.binance.com/en-GB and latest version of our Mobile App) during the period until Binance onboards with a new FCA authorised approver and has its financial promotions reapproved.”
Existing Binance consumers in the United Kingdom will continue to receive services. However, the exchange clarified that “no new products or services will be available during this interim period.” Several products, including gift cards, Binance Academy, Binance Research, Binance Feed, and Referral Bonus, are unavailable on Binance’s U.K. platform.
Previously, the FCA began enforcing new crypto marketing rules requiring exchanges to “market to U.K. consumers, fairly, and honestly, and must also provide risk warnings that people can understand.”
At the time, the ruling also permitted FCA-registered entities to market products and services on behalf of foreign firms that were not FCA-registered.
As the exchange is not registered with the FCA, Binance planned to use REBS to enable its U.K. users to view its products and services through a localized domain.
