![]() The UK has taken a tough stance on crypto following a series of collapses sparked by the downfall of FTX in late 2022. The SEC sued Binance.US, the firms international arm Binance and its founder Changpeng 'CZ' Zhao, on June 5 for allegedly operating unregistered securities platforms. unit on the company's request, an update to the regulator's website showed. Cayman Islands-based Binance allows people to buy and sell a wide range of digital assets. users starting Monday in order to comply with the countrys crypto marketing rules, the company said in a blog post. U.K.'s top financial regulator has cancelled several permissions given to crypto exchange Binance's U.K. Trading cryptocurrencies involves significant risk and can result in the loss of your capital. On October 6, in a strategic move to align with the Financial Conduct Authority’s (FCA) Financial Promotions Regime, Binance embarked on a partnership with Limited and unveiled a dedicated domain for UK users. ![]() Given multiple failed efforts to appease British regulators, Binance planned to use Eqonex to piggyback. are looking to find another suitable FCA-authorised firm to approve our financial promotions as soon as possible.” Binance, one of the world’s leading cryptocurrency exchanges, has been banned from operating in the UK. Update on Binance for UK users Binance Blog Compliance Products Spot OTC OCBS Convert NFT Nest Services Limited, trading as Binance, is the entity ultimately responsible for the Binance Services offered through the Platform. Jonathan Farnell, then CEO of Bifinity and head of Binance U.K., was named Eqonex’s CEO. One of the main features of the new rules is that crypto firms must not promote cryptoassets – such as currencies like Bitcoin and Etherum or non-fungible tokens (NFTs) – without having an authorised company to approve the promotions.īinance had partnered with peer-to-peer platform to achieve compliance with the new rules, but the FCA last week stopped the website from approving financial promotions.īinance said: "We are working closely with the FCA. The company announced the move on Monday in compliance with new Financial Conduct Authority (FCA) regulations restricting promotion from digital asset firms in the UK which came into effect on 8 October.īinance stopped accepting new users from 5PM local time on Monday, and said that it is looking for a solution. A new healthcheck on the UK today will show how the economy has slowed, as the cost of living crisis hits families and threatens to pull the country into recession. Binance, the world’s largest cryptocurrency exchange, will stop accepting new customers in the UK.
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