Binance, the world’s largest crypto exchange, is facing challenges as it attempts to re-enter the U.K. market after it <a href="https://www.coindesk.com/business/2023/10/16/binance-to-stop-accepting-new-uk-users-to-comply-with-ad-rules/#:~:text=Binance%20will%20stop%20accepting%20new,can%20approve%20their%20own%20ads. Bloomberg reported that Binance suspended its services in the U.K. in October.

Last year, the Financial Conduct Authority (FCA) in the U.K. changed its crypto-promotion rules. Now, crypto firms must be registered with FCA or be authorized by a third party to approve marketing campaigns. Binance had attempted to partner with Rebuildingsociety.com in order to comply with the new rule, but the FCA blocked the partnership.

Bloomberg reported that Binance contacted at least three companies to ask them to accept its marketing services. However, the FCA voiced concerns over the possibility of the firms working with Binance.

Bloomberg reported that a spokesperson for Binance said that it was inaccurate to claim that Binance had been rejected by U.K. approvers and that the exchange is confident it will soon have a positive update.

CORRECTION (1.02.17.23 UTC) Removes “21” from the final paragraph.

Nick Baker is the editor.