Cryptocurrency exchange Finance said on Monday it would stop accepting new clients in the United Kingdom, in compliance with new regulations restricting advertising by foreign digital asset firms in the country.
According to a post on the Binance website, new UK users will not be able to register on the site after 5pm local time (4pm GMT).
The country’s tough stance follows last year’s high-profile crashes that raised concerns about how these firms use and store customer deposits in the largely unregulated sector, as cryptocurrency regulation has been the focus of global attention for the past year.
The Financial Conduct Authority’s (FCA) new rules regarding the promotion of cryptocurrencies came into effect on October 8.
Last week, the UK financial regulator said it would block peer-to-peer platform rebuildingsociety.com from approving financial incentives for financiers and other crypto-asset firms.
The FCA said in its decision notice that unregistered cryptoasset firms must not advertise cryptoassets to UK consumers unless the advertisements have been approved by a licensed entity.
“We are working closely with the FCA… to find another FCA-licensed entity to approve our financial promotions as soon as possible,” Binance said.
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