Cloud mining platform NiceHash said it will end UK access to its services in a statement emailed to nearby users September 27.
The company said it will no longer provide services to users living in the United Kingdom from October 10, 2023. Individuals living in the United Kingdom will no longer be able to open new accounts after that deadline. The company also said existing UK users will no longer be able to trade, deposit or withdraw funds after that date. It advised users to disconnect miners as early as possible to avoid possible loss of income.
NiceHash said the change in availability applies to all services, including its exchange and mining services, its wallets and its hash energy marketplace – the latter of which allowed users to purchase and redeem hash energy on a peer-to-peer basis. rent.
The company said the decision is due to regulatory changes in Britain and added that it aims to resume its services in the country as soon as possible.
There are likely new FCA rules in play
While NiceHash did not specify exactly what regulations caused the service reduction, the UK Financial Conduct Authority (FCA) has implemented new rules around advertising and promoting crypto services. Those rules will come into effect in October.
In addition to imposing broad advertising rules, the upcoming rules will go so far as to ban cryptocurrency referral programs. The rules also spell out strict penalties for violations, including unlimited fines and up to two years in prison.
Other cryptocurrency companies have also reduced their UK services in light of the upcoming regulations. These companies include PayPal, ByBit and Luno.
Binance also ended its attempts to register with the FCA this summer. However, this may be due to regulatory issues in general rather than upcoming policies.
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