Binance has paused accepting new customers in the United Kingdom after the Financial Conduct Authority (FCA) blocked its plan to comply with new advertising regulations in the region.
Two weeks ago, the largest crypto exchange by trading volume announced plans to comply with the stricter rules on how crypto assets are advertised to consumers in the region.
Those plans included partnering with FCA-authorized firm Rebuildingsociety.com to approve its U.K. promotions. But last week, the FCA restricted Rebuildingsociety.com from approving crypto promotions.
Starting on Oct. 16 at 5 p.m. UK time, Binance stopped accepting new customers in the UK until the company can secure a new FCA-approved promotional partner. Existing UK customers will still have access to current services but won’t receive access to any new services that might roll out during the pause.
The new FCA rules came into effect on Oct. 8 but had been telegraphed for months. Many crypto firms opted to pause UK operations ahead of the new rules due to the operational complexity of achieving compliance.
