MADRID, October 16 (EUROPA PRESS) –

Crypto asset platform Binance will temporarily stop accepting new clients in the UK starting this Monday to prevent them from using its services after the country’s Financial Conduct Authority (FCA) determined on October 10 that Binance partner Rebuildingsociety.com (REBS) was unable to authorize the campaign advertising with crypto assets.

The regulator previously stated that the new financial promotions rules that came into effect on October 8, and which also affect the crypto sector, were intended to provide a “clear, fair and non-misleading” advertising regime for consumers, warning that non-compliance could result in criminal and economic liability.

Binance, not an entity authorized by the FCA to approve its own financial advertising, partnered with REBS to do so for the operator. However, the FCA warned that it could not approve the advertising of crypto assets and, in addition, it would have to cancel the authorization that had been granted in this regard.

“We are working closely with the FCA to ensure that our users are not harmed by this event and we are working to find another FCA authorized firm to approve our financial promotions as soon as possible,” Binance said.

Existing registered UK users will continue to have access to the platform’s services if they have completed the investment test and responsibility declaration. However, they will not be able to contract new products or services until Binance finds a new partner who gives the ‘green light’ for their advertising.

BACKGROUND

British digital payments company Paysafe had announced in March that it would stop providing coverage for Binance’s UK operations. The measure came into full effect in May.

Similarly, Paysafe also announced in June that it would stop supporting Binance for euro-denominated transactions starting September 25.

Therefore, it can no longer carry out operations through the Single Euro Payments Area (SEPA) network after a Paysafe spokesperson reported that, after conducting a “strategic review”, his company and Binance were “working to jointly implement the goals of this service in an orderly and fair.

Binance reported that it would look for alternative partners and assured that “other legitimate currency deposit and withdrawal methods as well as the purchase and sale of crypto assets on Binance.com will not be affected.”