Ahead of the implementation of the UK's newly updated Financial Promotions Regime, Binance has unveiled a dedicated domain for its users in the country. The crypto exchange has partnered with Rebuildingsociety.com Limited, a Financial Conduct Authority (FCA) regulated firm authorized to approve crypto marketing and communications materials.
According to a statement published by the company, this partnership and the unveiling of the new domain, www.binance.com/en-GB, is a significant step forward for Binance to adhere to the new regulations.
This domain will offer services that align with the updated regulations. These services include fiat transactions and crypto deposits and withdrawals, spot trading, margin trading, NFT marketplace access, Binance Pay, crypto loans, and the launchpad.
UK update https://t.co/7ET9J6KTj4
— CZ ???? Binance (@cz_binance) October 6, 2023
Binance Restricts Services
However, as Binance aligns itself with the new financial rules, certain services previously available will no longer be accessible to retail users in the UK starting from October 8, 2023. These exclusions include gift cards, access to Binance Academy, research resources, feed features, and referral bonuses.
However, these adjustments primarily affect retail users, as the new Financial Promotions Regime provides exemptions for certain institutional and professional investors.
Notably, Binance's current focus on the UK market follows previous difficulties with the FCA. The exchange was among the crypto companies that withdrew their applications for mandatory FCA registration in June. These troubles began in mid-2021 when the FCA labeled Binance's local entity unregulated, triggering regulatory warnings and actions globally.
Even though Binance's UK subsidiary faced these changes, the exchange stated its plans to shift its attention towards the UK market, focusing on compliance with the newly amended Financial Promotions Regime.
FCA Warns against Unauthorized Ads
Lucy Castledine, the Director of Consumer Investments at the FCA, has issued a stern warning: "Come October 8, we will be taking action against firms illegally marketing to UK consumers." Any financial promotion related to qualifying crypto assets must strictly adhere to one of four designated channels.
Failure to comply results in a range of penalties, including restrictions, inclusion on warning lists, website takedowns, fines, and the potential imprisonment of responsible individuals.
The advertising rules set by the FCA for the cryptocurrency industry mandate crypto firms to register and approve their ads. Besides that, they must make changes to their systems so that people who are new to investing in cryptocurrencies have at least 24 hours to reconsider their investment choices before finalizing them, among other provisions.
This article was written by Jared Kirui at www.financemagnates.com.
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