Rebuildingsociety.com can't approve crypto ads due to regulatory restrictions.
Binance had partnered with the company to comply with FCA's new regulations.
The Financial Conduct Authority (FCA) has disrupted
Binance's plans to adhere to the UK's new crypto marketing regulations. This
occurred after its partner in the UK, Rebuildingsociety.com, was barred from approving
crypto advertisements in the country.
The cryptocurrency exchange, not being registered
with the FCA, had partnered with Rebuildingsociety.com just ahead of the
implementation of new crypto promotion rules. This partnership was aimed at
securing approval for the crypto exchange's communications and advertisements.
FCA's New Crypto Marketing Rules
The new rules mandate crypto firms to register with the FCA
to independently approve their promotions and advertisements. However, the
rules allow unregistered crypto firms to seek approval from authorized
entities.
The notice published by the FCA indicates that
Rebuildingsociety.com lacks the authority to approve crypto ads for firms. The
FCA further instructed the firm to "withdraw any existing approvals for
crypto promotions" and demanded a written confirmation of compliance by
Friday.
The regulator wrote: "On October 10, 2023, we imposed
restrictions on Rebuildingsociety.com Ltd to restrict it from approving
crypto asset financial promotions. We have used our powers under section 55L of
the Financial Services and Markets Act to impose these restrictions."
However, investors who have engaged with unregistered crypto
asset firms through the approval of Rebuildingsociety.com Ltd can still have
access to communications regarding their existing assets. This means they can
manage transactions such as withdrawals, transfers, or sell their assets.
Binance Customizes Services to Align with FCA Rules
Binance is one of the crypto exchanges preparing to comply
with FCA's new regulations. Last week, the platform launched a new domain,
www.binance.com/en-GB, specifically for retail users in the UK. The platform
offers services that adhere to the updated regulations, including fiat
transactions, crypto deposits and withdrawals, spot trading, margin trading,
access to the NFT marketplace, Binance Pay, crypto loans, and the launchpad.
However, Binance no longer offers certain services,
including gift cards, access to Binance Academy, research resources, feed
features, and referral bonuses, for users in the UK. These adjustments affect
retail users, as certain institutional and professional investors enjoy
exemptions under the new Financial Promotions Regime.
The FCA enforced the new regulations yesterday (Monday) by
issuing a total of 146 alerts related to crypto asset promotions within the
first 24 hours of its implementation. The watchdog urged consumers to consult
the warning list before making any crypto investments. This list is a resource
to help consumers identify firms whose promotions may breach the law.
Since October 8, 2023, firms promoting cryptoassets in the
UK must either be authorized or registered by the FCA or have their marketing
approved by an authorized firm, as mandated by law. Promotions must adhere to FCA rules, ensuring they are clear, fair, not misleading, and include prominent
risk warnings.
The Financial Conduct Authority (FCA) has disrupted
Binance's plans to adhere to the UK's new crypto marketing regulations. This
occurred after its partner in the UK, Rebuildingsociety.com, was barred from approving
crypto advertisements in the country.
The cryptocurrency exchange, not being registered
with the FCA, had partnered with Rebuildingsociety.com just ahead of the
implementation of new crypto promotion rules. This partnership was aimed at
securing approval for the crypto exchange's communications and advertisements.
FCA's New Crypto Marketing Rules
The new rules mandate crypto firms to register with the FCA
to independently approve their promotions and advertisements. However, the
rules allow unregistered crypto firms to seek approval from authorized
entities.
The notice published by the FCA indicates that
Rebuildingsociety.com lacks the authority to approve crypto ads for firms. The
FCA further instructed the firm to "withdraw any existing approvals for
crypto promotions" and demanded a written confirmation of compliance by
Friday.
The regulator wrote: "On October 10, 2023, we imposed
restrictions on Rebuildingsociety.com Ltd to restrict it from approving
crypto asset financial promotions. We have used our powers under section 55L of
the Financial Services and Markets Act to impose these restrictions."
However, investors who have engaged with unregistered crypto
asset firms through the approval of Rebuildingsociety.com Ltd can still have
access to communications regarding their existing assets. This means they can
manage transactions such as withdrawals, transfers, or sell their assets.
Binance Customizes Services to Align with FCA Rules
Binance is one of the crypto exchanges preparing to comply
with FCA's new regulations. Last week, the platform launched a new domain,
www.binance.com/en-GB, specifically for retail users in the UK. The platform
offers services that adhere to the updated regulations, including fiat
transactions, crypto deposits and withdrawals, spot trading, margin trading,
access to the NFT marketplace, Binance Pay, crypto loans, and the launchpad.
However, Binance no longer offers certain services,
including gift cards, access to Binance Academy, research resources, feed
features, and referral bonuses, for users in the UK. These adjustments affect
retail users, as certain institutional and professional investors enjoy
exemptions under the new Financial Promotions Regime.
The FCA enforced the new regulations yesterday (Monday) by
issuing a total of 146 alerts related to crypto asset promotions within the
first 24 hours of its implementation. The watchdog urged consumers to consult
the warning list before making any crypto investments. This list is a resource
to help consumers identify firms whose promotions may breach the law.
Since October 8, 2023, firms promoting cryptoassets in the
UK must either be authorized or registered by the FCA or have their marketing
approved by an authorized firm, as mandated by law. Promotions must adhere to FCA rules, ensuring they are clear, fair, not misleading, and include prominent
risk warnings.
Kraken Verifies $21.5 Billion in Client Assets with Latest Proof of Reserves
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24