UK users have been directed to the domain in compliance with the new regulations.
Certain services provided by the crypto exchange will be limited for retail users.
Ahead of the implementation of the UK's newly updated
Financial Promotions Regime, Binance has unveiled a dedicated domain for its
users in the country. 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 transactions and crypto deposits and withdrawals,
spot trading, margin trading, NFT marketplace access, Binance Pay, crypto
loans, and the launchpad.
Binance Restricts Services
However, as Binance aligns itself with the new financial rules, certain services previously available will no longer be accessible
to 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.
Failure to comply results in 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 country. 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 transactions and crypto deposits and withdrawals,
spot trading, margin trading, NFT marketplace access, Binance Pay, crypto
loans, and the launchpad.
Binance Restricts Services
However, as Binance aligns itself with the new financial rules, certain services previously available will no longer be accessible
to 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.
Failure to comply results in 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.
Crypto Trends and Predictions: Major Expectations for the Industry in 2025
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
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Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
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Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
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Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
#fmls #fmls24 #fmevents #recruitment #financialcareers
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Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
#fmls #fmls24 #fmevents #recruitment #financialcareers
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Executive Interview with Roberto Politano | Finnovate Finance | FMLS:24
Executive Interview with Roberto Politano | Finnovate Finance | FMLS:24
Executive Interview with Roberto Politano from Finnovate Finance at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation
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Executive Interview with Roberto Politano from Finnovate Finance at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation
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#fmls #fmls24 #fmevents #cyptotrading #DigitalAssets #pepperstone
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#fmls #fmls24 #fmevents #cyptotrading #DigitalAssets #pepperstone
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