Binance halts new registration for UK customers

Once again, Binance comes under regulatory scrutiny. Now the crypto exchange must deny access to new customers from the United Kingdom.

The world's largest crypto exchange Binance is not accepting new users of the platform from the United Kingdom with immediate effect. The company announced this yesterday in a blog post.

According to the post, existing customers from the country would continue to access the exchange, but not new products and services within a transition period. Binance also encouraged existing customers to educate themselves in advance about the risks of investing in cryptocurrencies.

The crypto exchange's decision follows new guidance from Britain's financial regulator, the Financial Conduct Authority (FCA).

These require crypto companies to register with the FCA and get permission for marketing. However, the service provider Binance uses, Rebuildingsociety.com, has been blocked by the FCA.

Binance is now looking for a new FCA-approved service provider. Until then, there will be "temporary restrictions," the crypto exchange said.

However, it said it is "working closely with the FCA to ensure users are not harmed" and is looking for "suitable companies" to resume marketing activities as soon as possible.