Binance, the largest cryptocurrency exchange, has taken some measures to comply with the newly implemented regulations in the United Kingdom.
According to the statement made by Binance, the stock market is as of this week. New user registrations in the UK stopped.
In line with the rules that came into effect on October 8, the country’s financial regulator FCA unregistered Companies cannot promote the cryptocurrency services they offer.
The rules still apply to unregistered companies, Authorized by FCA It allows promotions through companies. Binance reached an agreement with Rebuildingsociety.com Ltd (REBS) for this, but the FCA made a decision on October 10th and removed REBS. cannot provide such a service announced.
Looking to continue its promotional efforts in the UK, Binance is seeking to find a new partner authorized by the FCA:
“To ensure that our users are not harmed by these developments, we are working closely with the FCA and trying to find another FCA-authorized company that can approve our financial promotions.”
Even though the exchange stops accepting new users during this period, existing users will be able to continue using the products on the platform. However, it will be removed in the process new products and services, will not be available to these users.