Binance to Halt New UK Customers From Using Crypto Exchange
- UK’s financial promotions regime was widened to include crypto
- Exchange plans to hire a new approver for its communications
All crypto platforms are now required by the regulator to display clear risk warnings to UK-based consumers and meet higher technical standards.
Photographer: Gabby Jones/BloombergBinance has suspended access to its crypto exchange for new users based in the UK, after a partnership with a third party to approve communications on its platform under new local rules was terminated by the country’s watchdog.
Any customers based in the UK not already signed up to Binance’s platform were no longer able to join the exchange from 5 p.m. in London on Monday, according to a blog post published by Binance. The move puts the world’s largest crypto exchange out of reach for new users in the UK, setting the scene for a battle by Binance to return to one of the sector’s biggest markets outside of the US.