Binance Launches UK Domain Amid New FCA Regulation
Binance cryptocurrency exchange has unveiled a dedicated domain for its UK users. This move is a significant step in ensuring compliance with the UK’s updated Financial Promotions Regime. Moreover, the exchange has partnered with Rebuildingsociety.com Limited, an FCA-regulated firm. This collaboration aims to approve crypto marketing and communication materials, enhancing Binance’s adherence to the new UK regulations.
The domain will offer various services, including fiat and crypto transactions, spot trading, margin trading, and access to the NFT marketplace. Features like Binance Pay, crypto loans, and the launchpad will also be available. However, starting October 8, 2023, certain services will no longer be accessible to UK retail users. These include gift cards, Binance Academy, research resources, feed features, and referral bonuses.
Binance Aligns with UK Regulatory Changes
Significantly, the new Financial Promotions Regime does provide certain exemptions. These are mainly for institutional and professional investors. Hence, while retail users face these adjustments, specific investor categories will continue to enjoy a broader range of services.
Binance’s renewed focus on the UK market is noteworthy, especially considering its past challenges with the FCA. The exchange faced global regulatory warnings after the FCA labeled Binance’s local entity unregulated in mid-2021. Consequently, Binance withdrew its application for mandatory FCA registration in June. However, the exchange has shifted its attention, emphasizing compliance with the UK’s amended Financial Promotions Regime.
Crypto Ads Face Tightened FCA Scrutiny
Lucy Castledine, Director of Consumer Investments at the FCA, has been clear about the regulatory expectations. “Come October 8, we will be taking action against firms illegally marketing to UK consumers,” she stated. The FCA’s advertising rules for the cryptocurrency industry are stringent. Crypto firms must register and approve their ads. Additionally, they need to adjust their systems, ensuring potential investors have a 24-hour window to reconsider their investment decisions.
Read Also: Binance to Halt BUSD Borrowing and Staking Services by October 25th
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