Binance, the world’s largest cryptocurrency exchange, has stopped accepting new customers in the UK after regulators cracked down on digital assets companies advertising to British consumers.
The company announced the policy less than an hour before it came into effect late on Monday, after the Financial Conduct Authority last week blocked Binance’s plan to try and navigate the new industry standards.
The move is a blow to Binance’s ambitions of expanding in the UK market after the rules came into force earlier this month. The standards are among the toughest in the world as the regulator tries to beef up protection for consumers following the collapse in digital asset prices last year and the implosion of companies such as FTX.
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