In accordance with new legislation limiting advertisements from foreign digital asset firms in the country, cryptocurrency exchange Binance announced on Monday that it will halt taking on new users in the United Kingdom.
According to a message on Binance’s website, new users in the UK won’t be able to sign up on the platform after 5 PM local time (4 PM GMT).
On October 8, the Financial Conduct Authority (FCA) implemented new regulations on cryptoasset advertising.
Days after Binance launched its partnership with rebuildingsociety.com, Britain’s financial authority warned last week that it was preventing the peer-to-peer platform from allowing financial promotions for Binance and other crypto asset companies.
Unregistered cryptoasset firms are not permitted to advertise cryptoassets to UK customers, according to the FCA’s decision notice, unless they have a company that has been approved to approve the advertisements.
“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 stated.