If you are accessing Binance from the United Kingdom, completing "The Gateway" process is now a mandatory requirement. To ensure your account remains fully functional and compliant with UK regulations, here is everything you need to know.
Why is this required?,
• Regulatory Compliance: To align with the UK Financial Conduct Authority (FCA) rules on Financial Promotions.
• Investor Protection: Ensuring users understand the high-risk nature of crypto assets before trading.
The Step-by-Step Process,
• Investor Categorization: You will be asked to declare your investor type. Most retail users fall under the "Restricted Investor" category (investing less than 10% of net assets in high-risk products).
• The Appropriateness Test: A mandatory quiz designed to assess your understanding of crypto volatility, leverage, and risk management.
• Risk Awareness: Detailed disclosures explaining that crypto assets are not protected by the Financial Services Compensation Scheme (FSCS).
24-Hour Cooling-off Period: Once you pass the assessment, UK law requires a 24-hour waiting period before you can resume trading.
Important Tips for Success:
⚠️ Don't Rush: Read the educational materials provided before taking the quiz.
⚠️ Be Accurate: Ensure your investor categorization reflects your true financial situation.
⚠️ Failure Policy: If you fail the quiz multiple times, you may have to wait before attempting it again, which could delay your trading.
Have questions about the quiz or the categorization? Drop a comment below and let’s help each other out! 👇