Binance to Stop New users On-Boarding in UK

We are approaching year-end and certainly, many good things are happening in Crypto including Bitcoin ETF that has already been applied and some positive needs updates coming from different companies and countries. While some good things are happening but at the same time there are some negative updates as well because we cannot expect everything to be good happening in the crypto space and I believe it always happens. Exchanges are still dealing with the challenges in different countries and us has been known for this for quite some time. This is because the US Security and Exchange Commission has been creating a lot of issues for the crypto companies in the country and that has not stopped it which means they might have to deal with such situations continuously till the time this situation remains the same. The latest update about Ferrari accepting cryptocurrencies for their car payment was certainly big news

src

Binance crypto exchange will not be accepting new user registrations in the UK. They are not going to stop their operation however this is just changing for some time because of compliance issues by FCA and as per the announcement there will be no new user on board till further notice. For existing users, things will remain the same and the operations will run as usual. It means that any user in the UK will not be able to use the Benan Services until further notice and this can be resumed if the required process is sorted between the Binance exchange and FCA (Financial Conduct Authority).

Cryptocurrency exchange Binance said on Monday it will stop accepting new customers in the United Kingdom, in compliance with new regulations restricting promotions from overseas digital asset firms in the country. New users in the UK will not be able to register on the platform from 5 PM local time (4 PM GMT), according to a post on Binance's website.

This update will be effective in the country and there has been no update on when they are going to resume it since the exchange will be trying to follow all the regulatory compliance requirements and if it is sorted out then we may see some updates about its resume. This often happens when something goes wrong or some companies are involved with some sort of practice where compliance is not followed.

src

In fact in India, some banks are asked not to onboard new users for their credit card services because they were not following certain compliance and RBI asked them to stop new user onboarding for some time. American Express is a well-known credit card provider in India and it was restricted by RBI to stop new users on-boarding which continued for more than one year however now it is available as per the latest update. It is difficult for any business or company to run the operation when they know that they will not be able to bring new people on their platform and it certainly affects their business. The only solution in this situation can be to figure out what should be the next step to fulfil the requirement.

Binance is a responsible crypto company and I think they should be able to sort it out. I'm not saying that Binance is a highly responsible or reliable company because some sort of risk is always there but if we do the comparison between many others then it seems this is still a better company. As of date this is one of the biggest crypto exchanges worldwide and the kind of volume they have is the biggest as compared to what other exchanges offer and of course, the offerings are also quite vast. With other exchanges also we get many crypto services but with this, we get even more which is what makes this exchange a bigger one and I hope that they sort out the issues that happened and resume their new user onboarding in the country.

Thank you

Posted Using InLeo Alpha

Posted Using InLeo Alpha

Posted Using InLeo Alpha