Crypto assets platform Binance It will temporarily stop accepting admissions from Monday to New clients in the UK To prevent them from using its services after that country’s Financial Conduct Authority (FCA) decided on October 10 that Binance’s partner, Rebuildingsociety.com (REBS), could not allow it. Advertising campaigns with crypto assets.
The regulator previously stated that the new financial promotion rules that came into effect on October 8, which also affect the cryptocurrency sector, are intended to provide… Advertising systems that are “clear, fair and not misleading”. Consumers are warned that failure to comply may result in criminal and economic liability.
Binance, which is not an entity authorized by the Financial Conduct Authority (FCA) to approve its own financial advertisements, has teamed up with REBS to do so for the operator. However, the Financial Supervision Authority warned that this… Advertising of crypto assets cannot be approved Moreover, it was forced to cancel licenses already granted in this regard.
“We work closely with the Financial Conduct Authority (FCA) to ensure that our users They are not harmed by these events We are trying to find another FCA authorized company to approve our financial promotions as soon as possible,” Binance confirmed on its part.
British users who are already registered will continue to access the platform’s services if they complete them Investment testing and official declaration. However, they will not be able to contract on new products or services until Binance finds a new partner who will “green light” their announcements.
background
British digital payments company Bye sword Already announced in March that It will stop providing coverage For Binance’s operations in the United Kingdom. The measure took full effect in May. Likewise, Paysafe also announced in June that it will stop supporting Binance for euro-denominated transactions starting September 25.
Therefore, it can no longer carry out operations through the Single European Payments Area (SEPA) network after a Paysafe spokesperson reported that after conducting a “strategic review,” his company and Binance were “working on joint implementation in an orderly and fair manner.” End of this service“.
Binance reported this They will look for an alternative partner He stressed that “deposit and withdrawal methods for other fiat currencies nor buying and selling of crypto assets on Binance.com will not be affected.”
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