Crypto firm Binance has stopped accepting new UK clients because of the new rules for crypto advertising.

The UK Financial Promotions Regime for qualifying cryptoassets came into effect on 8 October 2023. These new rules allow unregulated overseas firms, like Binance, to promote their cryptoasset businesses in the UK by engaging with a firm authorised by the Financial Conduct Authority (FCA).

Binance engaged Rebuildingsociety.com Ltd (‘REBS’), to review and approve its UK financial promotions. On 10 October, the FCA imposed requirements on REBS, which meant that REBS was no longer able to approve financial promotions and with effect from 5pm on 11 October 2023 REBS had to withdraw any existing approvals of financial promotions on behalf of any cryptoasset businesses (including Binance).

Binance says it is currently looking for a new FCA authorised approver. However, there will be some temporary restrictions coming into effect on its Platform (i.e. www.binance.com/en-GB and latest version of the Binance Mobile App) during the period until Binance onboards with a new FCA authorised approver and has its financial promotions reapproved.

From Monday 16 October 2023 at 5pm UK time, Binance will stop accepting new UK users.

Existing UK users will retain the current services available (providing they have completed their Investor Declaration and Appropriateness Test) but any new products and services will not be made available during this interim period.

Binance commented:

“We are working closely with the FCA to ensure that our users are not harmed by these developments and are looking to find another suitable FCA authorised firm to approve our financial promotions as soon as possible.”