Binance to serve U.K. customers under new regulations

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Binance to serve U.K. customers under new regulations

Binance said on October 6 that it has launched a new subpage to serve U.K. customers in light of changing regulations.

In compliance with the updated Financial Promotion Regime, www.binance.com/en-GB will serve local residents.

Binance said that users will only be able to access services that comply with local regulations. However, that list of available services is vast, with fiat and cryptocurrency deposits and withdrawals, spot trading, margin trading, conversions, NFT markets, crypto lending, Binance Pay, and the ICO platform Launchpad.

Binance said U.K. users will not be able to access its gift cards, reference websites, and Binance Feed. The U.K. users will not be able to access referral bonuses, a feature that U.K. regulations now explicitly target.

Binance said in June that its U.K.-based subsidiary had withdrawn its FCA registration. Binance remains unauthorized, as evidenced by the FCA register.

He did not say in its statement that it intends to register in the United Kingdom. Binance said it has teamed up with Rebuilding Society.com to approve its marketing materials under S21 gateway rules.

Binance's actions aim to limit how crypto firms can market themselves, in part because of the UK's regulations. The penalties for violating the rules are very severe, as they include jail time and potentially unlimited fines.

Binance said that it will enact the relevant service changes on that date.

Due to rising compliance requirements, many other crypto companies have left the U.K. market. PayPal, ByBit, Luno, and NiceHash have all said they will at least temporarily reduce the services that they offer to U.K. users this month.