Binance made a sudden announcement on Monday evening, informing UK customers that it would no longer accept new clients.
This swift change comes as Binance had been exploring ways to continue offering its services in the UK under the close scrutiny of the Financial Conduct Authority (FCA).
mandating that firms seeking to market crypto services in the UK must first gain approval from the financial regulator.
Earlier this month, the FCA expanded its regulations to cover cryptoassets in financial promotions,
can now result in criminal charges, including imprisonment of up to two years, fines, or both.
Violating these new rules, such as advertising crypto investments without FCA approval,
In response, Binance attempted to collaborate with Rebuildingsociety.com, an FCA-authorized firm, to ensure compliance with the updated regulations and continue offering services in the UK.
Upon the implementation of these new rules, the FCA issued 146 security alerts within the first 24 hours.
with another suitable FCA-authorized firm to gain approval for its financial promotions as swiftly as possible.
In an effort to address these regulatory challenges, Binance informed the FCA that it is actively engaged in discussions