Binance UK's expansion plans disrupted, unable to accept new users, prohibited from advertising

Due to regulatory constraints on a UK-based company that Binance collaborates with, Binance is required to withdraw all promotions, halt new user registrations, and limit access to its existing website and app.

UK Imposes Advertising Restrictions, Binance Attempts Adaptation

The UK financial promotional rules for eligible digital crypto assets will come into effect on October 8, 2023. These new regulations allow unregulated overseas companies, such as Binance, to advertise digital crypto asset services in the UK through partnerships with FCA-authorized companies. Recently, Binance also announced a partnership with Rebuildingsociety.com, a P2P lending company, enabling Binance to market and provide updates in the UK.

In response to the UK promotion regulations, Binance launches a new UK domain.

Change in Partner Company Restricts Binance from Advertising

However, on October 10, 2023, the FCA imposed restrictions on Rebuildingsociety.com, revoking its status as an approved financial promotional institution. Starting from 5 p.m. on October 11, 2023, Rebuildingsociety.com must withdraw all financial promotions for any digital crypto asset businesses, including Binance.

Binance Suspends New User Registrations

Binance stated that they are seeking a new FCA-approved institution. Until then, restrictions will be in place for Binance's new UK domain and app:

• New user registrations from the UK will be halted
• Existing UK users will retain current services provided they have completed investor declarations and suitability tests, but no new products or services will be offered during this transitional period

Binance mentioned that they are working closely with the FCA to ensure their users are not adversely affected by these changes and are looking to find another suitable FCA-authorized company for their financial promotions.

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