Binance has shared an update with its users who are based in the UK. This pertains to the platform looking for an FCA-approved partner before it can start onboarding new UK users and provide new products and services.
It became imperative after the Financial Conduct Authority imposed the UK Financial Promotions Regime on October 8, 2023. That made it mandatory for unregulated overseas firms to jointly work with ventures that the FCA approves. Binance has been working with Rebuildingsociety.com Ltd. until now. Also represented by REBS, the firm is now facing a legally binding requirement imposed by the FCA on October 10, 2023.
This means that Binance cannot work with REBS and must find a partner that the FCA regulates. REBS has stopped approving financial promotions with effect from October 11, 2023, at 5 p.m. It has also withdrawn previous approvals for crypto ventures, including Binance.
Binance is now booking a new partner, and the platform has some restrictions. This includes not introducing new products and services and not onboarding new UK customers. This is in practice for the website and mobile application of Binance.
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Binance stopped these activities on October 16, 2023, at 5 p.m. UK time. Risk warnings will still be in place, and existing customers will be encouraged to learn more about what is on the platform and the risks involved in the crypto market. Customers can reach out to the support team of Binance through the Support Button and/or Support Live Chat.
This news comes one week after Binance announced the launch of its UK domain in accordance with the new financial promotion rules. On the same day, Binance announced its partnership with REBS, a company subject to FCA regulation. The newly launched domain was www.binance.com/en-GB, which showcases only UK-specific products and services. This consisted of spot trading, deposits and withdrawals, margin trading, convert, Binance Pay, the marketplace, and the launchpad. Academy, Gift Cards, Research, Referral Bonus, and Feed were unavailable.
These are only a few of the services that Binance offers across the globe. Our Binance review provides a detailed list, which also sheds light on its key features like eWallets, Mobile Trading, and Trading Account. Other products and services include Binance Credit Cards and Binance Cloud. The availability of most of the products and services is restricted in the UK until the crypto venture finds an FCA-authorized company to partner with.
Binance is governed by its internal token, BNB, along with over a hundred cryptocurrencies listed on the platform. Based in Malta, Binance also houses more than 100 trading pairs for traders who are looking to expand their portfolios.
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The most recent update from Binance has clarified that users can continue staying on the platform; however, their access to products and services will be restricted until there is a new FCA-authorized partner.
