Binance Halts Registration for New UK Users


The world’s largest cryptocurrency exchange, Binance, has announced that it will temporarily stop accepting new users from the United Kingdom. This decision comes in the wake of the UK’s Financial Conduct Authority (FCA) barring Binance’s partner firm, Rebuilding Society, from approving crypto-related financial promotions.

According to a Monday blog post, the company is “looking for a new FCA authorized approver.” However, until it establishes a new partnership, it has to limit its UK services. On top of not being able to accept new UK users, existing users on Binance UK will not be able to access new products or services, though current services will remain available.

The FCA’s action against Rebuilding Society stems from its concerns over the company’s ability to adequately assess the risks associated with cryptocurrency investments. As a result, Binance, which had relied on Rebuilding Society for regulatory compliance in the UK, is now seeking a new FCA-approved partner to fulfill this role.

While the suspension of new UK registrations is undoubtedly a setback for Binance, the exchange remains committed to its UK user base. Existing UK users will continue to have access to their accounts and can still trade cryptocurrencies on the platform. However, they will not be able to access any new products or services until Binance secures a new FCA-approved partner.

Binance’s decision to halt new UK registrations highlights the growing regulatory scrutiny faced by cryptocurrency exchanges around the world. As governments seek to protect investors and maintain financial stability, exchanges like Binance are under increasing pressure to comply with stricter regulatory frameworks.

The FCA’s action against Rebuilding Society serves as a reminder that cryptocurrency investments carry significant risks. Investors should exercise caution and conduct thorough due diligence before engaging in cryptocurrency trading.

In the meantime, Binance is working closely with the FCA to find a solution that will allow it to resume accepting new UK users. “We are working closely with the FCA … are looking to find another suitable FCA-authorised firm to approve our financial promotions as soon as possible,” Binance said.  The exchange remains optimistic about its future in the UK and is committed to providing a safe and compliant platform for cryptocurrency trading.