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Binance, the leading cryptocurrency exchange, has immediately halted new user registrations in the UK. This swift action follows the Financial Conduct Authority’s (FCA) recent restrictions on its UK promotions approver, Rebuilding Society. The FCA’s stringent measures, implemented last week, prevent the launch of new crypto promotions, significantly impacting Binance’s operational capacity in the UK market.
The exchange actively seeks a new partner authorized by the FCA to navigate the regulatory landscape. However, this unexpected development means temporary platform and mobile app restrictions for UK-based users. Binance assures it is in close contact with the FCA, emphasizing its commitment to user protection amidst these regulatory evolutions.
Binance Maintains Services Amid FCA Changes
Despite the ongoing turmoil, existing Binance consumers won’t be in the cold. Those who have already passed through the regulatory hoops, completing the necessary “Investor Declaration” and “Appropriateness Test,” will maintain their current service levels. However, the company stated that the roll-out of new products or services would be on hold during this interim period, underscoring its pledge to comply with the FCA directives.
Furthermore, Binance advocates for informed investment, encouraging users to delve deep into the ‘info’ sections before venturing into specific crypto assets. This proactive approach highlights the exchange’s dedication to transparency and safeguarding investor interests.
Binance Responds to FCA’s Recent Mandates
The backdrop to these significant shifts involves Binance’s short-lived partnership with Rebuilding Society, a peer-to-peer lending firm. The FCA imposed legal constraints on the Rebuilding Society just days after the collaboration announcement. These restrictions, effective since October 11, mandate the withdrawal of any previously approved financial promotions, thereby directly influencing Binance’s UK operations.
In response to inquiries, a Binance representative conveyed the company’s substantial efforts in aligning with the UK’s Financial Promotions Regime. The spokesperson’s statement revealed that the FCA’s actions against numerous firms did not include Binance, a testament to its compliance strategies.
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