Users From the UK Blocked
According to a statement that was made on the official blog of the cryptocurrency exchange on Monday, October 16, at 5:00 p.m. London time, persons living in the United Kingdom who have not yet registered with Binance will no longer be allowed to open new accounts on the platform.
The ruling makes it difficult for the exchange to regain access to one of the most important cryptocurrency marketplaces that is located outside of the United States, which is one of the most important cryptocurrency markets.
The expansion of the financial marketing regime in the UK means that it now encompasses crypto asset service providers regardless of their jurisdiction. These regulatory developments are what triggered this move, and they are the reason why.
All cryptocurrency exchange platforms must now comply with severe regulatory requirements and provide users in the United Kingdom with understandable risk warnings. In addition, prior authorization from an FCA-authorized company is required for any and all contacts.
If you do not comply with the regulations, you will face serious penalties, such as being included on the FCA's public warning register, fines that are not capped, and even potential criminal charges.
Binance is looking for a new communications regulator.
According to Bloomberg, in order to fulfill these standards, Binance had contracted the services of the peer-to-peer lending company Rebuildingsociety.com to review and approve all of its contacts with consumers in the United Kingdom, including the content of its website and the text within its mobile application.
However, the Financial Conduct Authority (FCA) has recently placed restrictions on Rebuildingsociety.com's ability to authorize communications for cryptocurrency companies. The FCA has ordered that all previously granted approvals be withdrawn by October 11 at 5 p.m. London time.
