Cryptocurrency exchange Binance said on Monday it will stop accepting new customers in the UK under a new regulation restricting promotions by foreign digital asset companies in the country.

New users in the UK will not be able to register on the platform from 17:00 local time (16:00 GMT), Binance said in a statement on its website.

The country’s tough stance comes as regulation of cryptocurrencies remains in the spotlight around the world after a series of high-profile crashes last year raised concerns about how these companies use and store customer deposits in a largely unregulated industry.

On 8 October, new Financial Conduct Authority (FCA) rules regarding the promotion of cryptoassets came into force.

Last week, the UK financial regulator said it was banning peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other cryptoassets, days after Binance announced its partnership with the company.

In its ruling, the FCA said unregistered cryptocurrency firms should not promote cryptoassets to UK consumers unless they have an authorised company to endorse those promotions.