Binance establishes a UK-specific domain, collaborates with a business subject to FCA regulation, and supports the new Financial Promotions Regime.
The cryptocurrency exchange Binance has revealed a unique domain for its UK users. This action will help to ensure adherence to the UK’s revised Financial Promotions Regime.
The exchange also collaborates with Rebuildingsociety.com Limited, a business subject to FCA regulation. By approving crypto marketing and communication materials, our collaboration will improve Binance’s compliance with the new UK legislation.
The website will provide various services, including access to the NFT market, spot trading, margin trading, and cryptocurrency and fiat transfers. Additionally, there will be tools like the launchpad, crypto loans, and Binance Pay.
However, certain services will no longer be available to UK retail users as of October 8, 2023. Gift cards, Binance Academy, informational sources, feed functionality, and referral bonuses are a few of these.
In line with UK regulatory changes, BinanceIt’s important to note that the new Financial Promotions Regime does offer several exceptions. Investors that are institutional and experienced should primarily use these.
Therefore, while certain investor types will continue to benefit from a wider selection of services, retail consumers will still have to make these modifications.
It is significant that Binance has turned its attention back to the UK market, especially in light of its prior difficulties with the FCA. After the FCA declared Binance’s local entity unregulated in the middle of 2021, the exchange received warnings from international regulators.
As a result, in June Binance withdrew its application for required FCA registration. The exchange, however, has switched its focus to emphasize adherence to the UK’s revised Financial Promotions Regime. The FCA’s Lucy Castledine, Director of Consumer Investments, has been explicit about the requirements of the law.
“Come October 8, we will be taking action against firms illegally marketing to UK consumers,” she stated.
The FCA has strict regulations on advertising in the bitcoin sector. Ads from crypto businesses must be registered and approved. They must also change their procedures to give potential investors a 24-hour time to rethink their investment choices.
