Ahead of the implementation of the UK’s newly updated
Financial Promotions Regime, Binance has unveiled a dedicated domain for its
users in the UK. 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 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
However, as Binance aligns itself with the new financial rules
in the UK, certain services previously available will no longer be accessible
to the 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.
10 Points to Abide by the New Rules
Failure to comply brings 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.
Ahead of the implementation of the UK’s newly updated
Financial Promotions Regime, Binance has unveiled a dedicated domain for its
users in the UK. 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 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
However, as Binance aligns itself with the new financial rules
in the UK, certain services previously available will no longer be accessible
to the 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.
10 Points to Abide by the New Rules
Failure to comply brings 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.