PANews reported on October 16th that Binance issued an update for British users stating that on October 10th, the FCA proposed legally binding requirements for REBS, which means that REBS can no longer approve financial promotions, and from 2023 Effective October 11 at 5 p.m., REBS must withdraw any existing financial promotion approved businesses (including Binance) representing any crypto asset.

As a result, Binance will stop accepting new UK users from Monday 16 October 2023 at 5pm UK time. Existing UK users will retain the services currently available (provided they have completed investor declarations and suitability tests), but no new products and services will be offered during this transition period.