According to Binance’s announcement, this move comes after the Financial Conduct Authority (FCA) of the UK imposed legal requirements on their partner, Rebuildingsociety.com Ltd (REBS), on October 10. Among other things, the ruling prohibited REBS from carrying out promotional advertising campaigns for Binance’s services. The exchange stated:
“Binance is currently seeking a new FCA-approved provider. However, there will be some temporary restrictions in place on our platform (e.g., www.binance.com/en-GB and the latest version of our mobile app) during the time until Binance engages with a new FCA-authorized provider and has its financial promotions approved again.”
Existing Binance users in the UK will continue to use their services. However, the exchange clarified that “any new products and services will not be offered during this temporary period.” Various products such as gift cards, Binance Academy, Binance Research, Binance Feed, and referral bonuses available on the international Binance platform are not currently available on the UK platform.