In response to the U.K.'s Financial Conduct Authority's (FCA) recent crypto ad rules, Binance has suspended new user registrations in the U.K. starting Monday. The FCA's expanded financial promotions regime, effective from October 8, requires crypto platforms to adhere to higher technical standards and provide explicit risk warnings.
The suspension of new U.K. user registrations comes after Binance's previous communications approval partner, Rebuildingsociety.com, had its authority curtailed by the FCA. This has led Binance to seek another FCA-authorized entity to handle its financial promotions.
The recent developments exacerbate Binance's existing regulatory complications globally. The cryptocurrency exchange is currently facing lawsuits in the US and Canada, an ongoing investigation by the US Department of Justice, and a prior warning from the FCA in 2019 about its services due to the complexity of its global structure posing challenges for effective regulation.
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