As part of any UK process, Binance will need to register with the FCA, which. PayPal, ByBit, Luno, and NiceHash have all stated that they will at least temporarily reduce the services that they offer to U.K. In the aftermath of news of the complaint, the price of Bitcoin fell below 26,000 for the first time since March. market due to increasing compliance requirements. The SEC’s lawsuit against Binance will likely make it harder for the company to curry favors with regulators in other countries, including the UK, where the Financial Conduct Authority (FCA) has. Various other crypto companies have left the U.K. Binance said that it will enact the relevant service changes on that date. The potential penalties for violating the rules are very harsh, as they include possible jail time and potentially unlimited fines.Ĭhanges to the Financial Promotion Regime will generally come into effect on Oct. Notably, the new rules mandate risk warnings and ban referral and sign-up bonuses. This move was in accordance with a loan agreement that granted Binance the authority to appoint a CEO from within Bifinity, Coindesk reported. regulations that prompted Binance’s actions primarily aim to restrict how crypto companies can promote themselves. Farnell joined Binance in May 2021 and assumed the role of CEO of Eqonex, the holding company of the crypto custodian Digivault, in 2022. Instead, Binance stated that has partnered with the FCA-registered firm to approve its marketing materials under S21 gateway rules. The company did not suggest that it intends to register in the U.K. The FCA register indicates that Binance remains unauthorized. based subsidiary had withdrawn its FCA registration. regulations now explicitly target.īinance said in June that that its U.K. users will not have access to referral bonuses, a feature that U.K. users will not be able to access its gift cards, its reference websites, and its news aggregator Binance Feed. In compliance with the updated Financial Promotions Regime, Binance has launched a new domain for UK users and partnered with Limited which will approve Binance’s marketing and communications materials. Oct 16 (Reuters) - Cryptocurrency exchange Binance said on Monday it will stop accepting new customers in the United Kingdom, in compliance with new regulation restricting promotions from. That list of available services is nevertheless extensive, as it includes fiat and cryptocurrency deposits and withdrawals, spot trading, margin trading, conversions, NFT markets, crypto lending, Binance Pay, and the ICO platform Launchpad.īinance noted that U.K. users will only be able to access services that comply with local regulations. The exchange company said that, in compliance with the U.K.’s updated Financial Promotion Regime, will serve local residents.īinance said that U.K. customers in light of changing regulations. 6 that it has launched a new subpage to serve its U.K.
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