The cryptocurrency exchange Binance said on Monday that it will stop taking on new signups in the UK.
The change complies with a new legislation that limits countrywide promotions from foreign digital asset enterprises.
According to a message on Binance’s website, new users in the UK won’t be allowed to register on the platform after 5 PM local time.
With a number of high-profile collapses last year raising concerns about how these businesses utilise and hold consumer deposits in a largely unregulated market, the nation has taken a severe position on cryptocurrency legislation.
On October 8, the Financial Conduct Authority implemented new regulations regarding cryptoasset advertising.
Unregistered cryptoasset firms are not permitted to advertise cryptoassets to UK customers, according to the FCA’s decision notice, unless they have a company that has been authorised to approve the advertisements.
