Certain services will be unavailable to UK retail consumers after October 8, 2023.
Given its history with the FCA, Binance’s fresh interest in the UK market stands out.
Crypto exchange Binance has introduced a new UK-specific domain. This action is a major step toward meeting the requirements of the revised Financial Promotions Regime in the United Kingdom. The FCA-authorized Rebuildingsociety.com Limited is now also a partner of the exchange.
The two parties are working together to ensure that Binance’s crypto-related marketing and communications materials meet the requirements of the new UK laws.
Stringent Compliance Norms
Services provided by the domain will include the ability to buy and sell cryptocurrencies and fiat currency, trade on the spot market, leveraging investments, and access the NFT marketplace. Binance Pay, cryptocurrency loans, and a launchpad are just some of the features that will be accessible.
However, certain services will be unavailable to UK retail consumers after October 8, 2023. Some examples include referral incentives, study materials from Binance Academy, feed features, and gift cards.
In light of these modifications, retail consumers will have less choice, while some types of investors will continue to have access to more options.
Given its history with the FCA, Binance’s fresh interest in the UK market stands out. After Binance’s local company was designated unregulated by the FCA in the middle of 2021, regulators throughout the world issued warnings. So, in June, Binance decided to abandon its FCA registration application. However, the focus has switched, with the exchange now placing more importance on adhering to the UK’s revised Financial Promotions Regime.