Coin An Encounters Another Setback! Stopped accepting new customers in the UK
According to the Chinese website of the Financial Times on October 18th, Binance, the world's largest cryptocurrency exchange, has stopped accepting new customers in the UK after regulatory agencies cracked down on digital asset companies advertising to British consumers.The report pointed out that the Financial Conduct Authority (FCA) had previously blocked Coin An's plan to comply with new industry standards last week, which dealt a blow to Coin An's expansion in the UK market
According to the Chinese website of the Financial Times on October 18th, Binance, the world's largest cryptocurrency exchange, has stopped accepting new customers in the UK after regulatory agencies cracked down on digital asset companies advertising to British consumers.
The report pointed out that the Financial Conduct Authority (FCA) had previously blocked Coin An's plan to comply with new industry standards last week, which dealt a blow to Coin An's expansion in the UK market.
It is reported that only authorized companies can promote cryptocurrency advertising in the UK. If you do not comply with the regulations, you will be fined an unlimited fine and may be sentenced to two years in prison. These regulations apply to all companies, whether their headquarters are located in the UK or abroad. In the first week of the implementation of the new system, the FCA issued more than 150 warnings regarding the promotion activities of unauthorized cryptocurrency groups.
According to the report, Coin An stated that he does not have a headquarters. The company clashed with the FCA in 2021 and was ordered to cease all regulated activities in the UK after failing to answer basic questions.
According to reports, the exchange had previously collaborated with Rebuildingsociety.com, but last week the FCA ruled that the Leeds based company was prohibited from promoting encryption services in the UK, which hindered Coin's ability to legally market itself in the UK.
Coin An stated that "it has been disclosed to the FCA and is actively discussing with another suitable FCA authorized company to approve financial promotion activities as soon as possible." The company added that existing Coin An customers will still be able to use the services as usual, but will not provide new products and services during this period.
The report points out that this is the latest in a series of setbacks that Coin An has encountered this year. It has faced lawsuits from two major market regulatory agencies in the United States, the Securities and Exchange Commission and the Commodity Futures Trading Commission, and has lost its dominant position in the crypto market.
According to data provided by CCData, the share of Coin Security in the crypto market dropped to 34% in September, marking the seventh consecutive month of decline since the exchange controlled nearly 57% of the market share in February. (Zhongxin Jingwei APP)
Editor: Dong Wenbo
Tag: Coin An Encounters Another Setback Stopped accepting new customers
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