Analysis News TheBitTimes.com

The move comes after the Financial Conduct Authority imposed restrictions on its U.K. partner REBS. Crypto exchange Binance will stop accepting users in the United Kingdom as of 5 p.m. local time on Oct. 16. According to Binance's announcement, the move came after the country's Financial Conduct Authority (FCA) imposed legally binding requirements on its partner Rebuildingsociety.com Ltd (REBS) on Oct. 10. Among other items, the ruling prohibited REBS from ad promotions soliciting Binance goods and services. The exchange wrote: "Binance is currently looking for a new FCA authorised approver. However, there will be some temporary restrictions coming into effect on our Platform (i.e. www.binance.com/en-GB and latest version of our Mobile App) during the period until Binance onboards with a new FCA authorised approver and has its financial promotions reapproved." Existing Binance users in the U.K. will retain their services. However, the exchange clarified that ...

PayPal has announced that it will temporarily pause crypto buying services in the UK starting from Oct. 1, 2023, with a planned resumption in early 2024. The latest decision, outlined in an email to select users on Aug. 14, comes in response to new regulatory requirements by the UK Financial Conduct Authority (FCA). Calling up the Fed to get permission. https://t.co/fqaC1Dv4rE https://t.co/IiMNIeXxYv — Simon Dixon (@SimonDixonTwitt) August 15, 2023 While crypto buying will be unavailable during this period, users can continue to hold and sell their crypto currencies. However, PayPal did not clarify whether users can transfer crypto currencies to other wallets or exchanges, a feature that currently seems limited to US users. Compliance with new UK rules The decision to pause the buying services comes as PayPal aims to comply with new regulations introduced by the UK FCA. The company will be required to “implement additional steps before customers can purchase crypt...