diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7b33572..9f2a3c0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,8 @@
+# 1.2.1
+
+- Pinned the `cargo-binstall` version to v1.8 to work around the 404 errors in CI.
+- Added support for the `CARGO_BINSTALL_VERSION` environment variable.
+
 # 1.2.0
 
 - Added a `target-dirs` input, allowing the target folders to be specified. Can now cache multiple
diff --git a/package.json b/package.json
index c1ecad7..eda9099 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@moonrepo/setup-rust",
-  "version": "1.2.0",
+  "version": "1.2.1",
   "description": "A GitHub action for setting up Rust and Cargo.",
   "main": "dist/index.js",
   "scripts": {
diff --git a/src/cargo.ts b/src/cargo.ts
index 0b8c60c..dfca963 100644
--- a/src/cargo.ts
+++ b/src/cargo.ts
@@ -17,6 +17,7 @@ import {
 } from './cache';
 import { rmrf } from './fs';
 
+// eslint-disable-next-line complexity
 export async function downloadAndInstallBinstall(binDir: string) {
 	core.info('cargo-binstall does not exist, attempting to install');
 
@@ -62,7 +63,11 @@ export async function downloadAndInstallBinstall(binDir: string) {
 			throw new Error(`Unsupported platform: ${process.platform}`);
 	}
 
-	const url = `https://github.com/cargo-bins/cargo-binstall/releases/latest/download/cargo-binstall-${file}`;
+	// https://github.com/cargo-bins/cargo-binstall/issues/1864
+	const version = process.env.CARGO_BINSTALL_VERSION ?? 'v1.8.0';
+	const url = version === 'latest'
+		? `https://github.com/cargo-bins/cargo-binstall/releases/latest/download/cargo-binstall-${file}`
+		: `https://github.com/cargo-bins/cargo-binstall/releases/download/${version}/cargo-binstall-${file}`;
 	const dlPath = await tc.downloadTool(url);
 
 	if (url.endsWith('.zip')) {