Binance, one of the largest and best-known cryptocurrency exchanges, is all set to cut down on UK customer services from October 16 due to recent FCA restrictions.
Binance Continues Services despite FCA Regulation Changes!
Binance ensured existing users will continue to receive their current services as long as they have submitted an “investor declaration” and an “appropriateness test,” according to Binance, but any new products and services will not be made available during this interim period.
Reasons Behind the Unexpected Decision!
Recently, the FCA Financial Conduct Authority claimed that the firm many gigantic firms including Huobi/HTX and KuCoin, may be promoting financial services or products without our permission and also FCA added a warning list of non-authorized firms that customers “should avoid.” The FCA has previously stated that firms permitted to “carry out crypto asset activities” must either be registered with the FCA or have been granted temporary status to operate.
So, now Binance has clarified that, in an announcement, they are seeking new FCA-authorized partners in the UK, where crypto regulations are unclear and there would be some temporary restrictions for all the existing UK customers.