Binance cryptocurrency exchange unveils a dedicated domain for UK users, aligning with the UK’s updated Financial Promotions Regime. This move includes a partnership with an FCA-regulated firm, ensuring compliance and improved communication in the crypto market.
Binance, a leading cryptocurrency exchange, has taken a significant step to comply with the UK’s revised Financial Promotions Regime. In collaboration with Rebuildingsociety.com Limited, an FCA-regulated firm, Binance has introduced a dedicated domain for its UK users. This move aims to enhance compliance and communication within the cryptocurrency market.
The new domain will provide various services, including fiat and crypto transactions, spot trading, margin trading, and access to the NFT marketplace. Binance Pay, crypto loans, and the launchpad will also be available. However, starting October 8, 2023, certain services like gift cards, Binance Academy, research resources, feed features, and referral bonuses will no longer be accessible to UK retail users.
While retail users face these changes, institutional and professional investors are exempted from some of the restrictions imposed by the new regulations. Binance’s renewed focus on the UK market reflects its commitment to compliance following past challenges with the FCA.
Lucy Castledine, Director of Consumer Investments at the FCA, has emphasized strict regulatory expectations, particularly regarding crypto advertising. As of October 8, the FCA will take action against firms that illegally market to UK consumers, reinforcing the importance of compliance in the crypto industry.