Binance is encountering obstacles as it tries to resume operations in the U.K. after temporarily halting services there in October, according to insiders. The Financial Conduct Authority (FCA) modified its rules on crypto promotion last year, requiring firms to be registered with the FCA or approved by a third party for marketing. Binance's attempt to partner with Rebuildingsociety.com to comply with the new regulation was halted by the FCA. At least three firms that Binance contacted to approve its marketing services have reportedly declined due to concerns raised by the FCA.
Binance, the world's largest cryptocurrency exchange, suspended its services in the U.K. in October but has been working to re-enter the market. However, it is facing difficulties due to the FCA's new regulations. The FCA now requires crypto firms to be registered with the authority or approved by an authorized third party for marketing purposes. Binance had tried to partner with Rebuildingsociety.com to meet the new requirements, but the FCA blocked the partnership. Binance has since reached out to other firms to approve its marketing services but has faced rejection due to concerns raised by the FCA.
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