October 16, 2023 3:10 p.m. | 1 minute reading
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In light of recent developments regarding the UK financial promotion regime for eligible crypto assets, Binance announced on Monday a temporary halt on accepting new users from the UK.
THE regulationswhich come into force on October 8, stipulate that overseas companies such as Binance can only promote their crypto activities in the UK in conjunction with a company authorized by the FCA.
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The situation calls attention to the evolving nature of digital asset regulation, a topic poised to be discussed at length at the Benzinga Summit. The future of digital assets conference on November 14.
Binance initially partnered with Rebuildingsociety.com Ltd (REBS) to ensure its UK financial promotions met the new guidelines.
Read also: Will Bitcoin Overtake Gold and Silver? Prominent Crypto Analyst Makes Bold Claim
However, on October 10, the FCA imposed legally binding requirements on REBS, preventing them from approve any financial promotion.
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This decision had a direct impact on Binance, as REBS had to cancel its existing financial promotion approvals for Binance and other crypto companies before October 11.
As Binance seeks another FCA-authorized entity to oversee its promotions in the UK, some temporary restrictions will be implemented on its platform, including its website and mobile app.
As of 5pm UK time on Monday October 16, Binance will no longer accept new UK customers.
However, existing UK users will retain access to their current services, provided they meet the necessary requirements.
Read next: Crypto Analyst Says Altcoins Could See Bigger Drops Than Bitcoin
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