In a message sent to subscribers, the cloud mining company NiceHash announced that it will stop offering its services in the United Kingdom.
On October 10, 2023, the company announced that it would stop offering services to subscribers in the United Kingdom. After that date, people living in the U.K. won’t be able to establish new accounts.
The business added that current U.K. users won’t be able to trade, deposit, or withdraw money after that date. To prevent any potential loss of funds, it encouraged consumers to turn off their miners as soon as possible.
The hash power marketplace, which allows users to buy and rent hash power on a peer-to-peer basis, as well as NiceHash’s exchange and mining services, wallets, and other services, are all affected by the change in availability, according to NiceHash.
The business explained that the decision was made due to U.K. legislative changes and that it hopes to resume operations in the nation as soon as feasible.
The U.K. Financial Conduct Authority (FCA) has introduced new restrictions regarding advertising and promoting crypto services, although NiceHash could not specify which legislation led to the service cut.
In October, those laws come into force. The new legislation would not only impose extensive advertising restrictions, but they will even outlaw bitcoin referral programs.
The regulations also outline harsh consequences for infractions, such as many fines and up to two years in jail. Due to the impending rules, several cryptocurrency companies have scaled back their U.K. operations.
These businesses include Luno, ByBit, and PayPal. Additionally, Binance gave up on its efforts to register with the FCA this summer. However, rather than the future policy, this can result from regulatory challenges generally.
