Crypto trading giant Binance has launched a new domain for U.K. customers under Britain’s updated regulations for financial promotions. The exchange will offer retail users in the country only those products and services that comply with the latest rules for crypto marketing.
Binance Marketing and Communications Materials to Be Reviewed by U.K.-Licensed Firm
Binance announced a dedicated domain for British traders that will allow it to continue to provide services while complying with the United Kingdom’s new regime for financial promotions, including those of crypto products.
In June, the U.K.’s Financial Conduct Authority (FCA) announced new rules that concern advertising of crypto assets to the public. Crypto firms are now required to ensure that potential investors have the “appropriate knowledge and experience” and are informed about the risks.
The world’s largest crypto exchange has also partnered with Rebuildingsociety.com, an FCA-regulated platform that will review and greenlight Binance’s promotions in advance. It is authorized to approve crypto marketing and communications materials as an S21 approver, Binance noted and stated:
This partnership and new domain means that we can offer services in the U.K. in compliance with the updated Financial Promotions Rules … We are pleased that our partnership with Rebuildingsociety.com allows us to meet our regulatory commitments in the U.K.
In a press release on Friday, Binance explained that its U.K. retail users will now be redirected to the new domain where they will have access only to products and services that the exchange can offer in compliance with local regulations.
These include fiat and cryptocurrency deposits and withdrawals, spot trading and margin trading as well as Binance’s solutions and tools like Binance Pay, Convert, Launchpad, Crypto Loans, and the exchange’s marketplace for non-fungible tokens (NFTs).
The company also said that in order to comply with Britain’s rules it will no longer be able to offer certain products to retail customers in the U.K. Among them are Binance’s Academy, Research, and Feed platforms, gift cards, and referral bonuses.
“These changes only apply to retail users in the U.K. from Oct. 8, 2023 and will not affect users which are exempt under the new Financial Promotions Regime (such as certain institutional and professional investors),” the exchange pointed out.
Binance, which has been dealing with increased regulatory scrutiny this year, emphasized that compliance with regulation around the world remains its top priority. The exchange withdrew its license applications or canceled its registrations in several countries in Europe, including the Netherlands, Germany, Cyprus, and the United Kingdom. However, it also recently returned to Belgium.
Do you think Binance will be able to find working solutions for other European markets where it faces regulatory challenges? Tell us in the comments section below.
Source: Bitcoin
