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Binance Blog

Update on Binance for UK users

2023-10-16

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’). We engaged FCA authorised firm, Rebuildingsociety.com Ltd (‘REBS’), to review and approve our UK financial promotions in compliance with the new rules. 

On 10 October, the FCA imposed legally-binding 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 is currently looking for a new FCA authorised approver. However, there will be some temporary restrictions coming into effect on our Platform (i.e. www.binance.com/en-GB and latest version of our Mobile App) during the period until Binance onboards with a new FCA authorised approver and has its financial promotions reapproved.

What does this mean for you?

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

  • Binance will continue to ensure all our risk warnings are in place and encourage existing users to read ‘Take 2 mins to learn more’ and ‘Different Cryptoasset Risks’.

  • Binance encourages existing users to read the ‘Info’ tab before investing in a specific cryptoasset on the Spot Exchange to further their knowledge of the specific cryptoasset.

  • 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.

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. If there are any queries, please reach out to our Customer Support team by clicking the ‘Support’ button at the top of the navigation bar and going to ‘Support Live Chat’.