Binance Launches Dedicated UK Domain to Comply with FCA Regulations – Coinpedia Fintech News
On the 6th of October, 2023, Binance News announced the launch of a specific domain catering to its UK clients. This domain complies with the strict rules and regulations of the Financial Conduct Authority, UK.
Why Release a Specific UK Domain?
Any UK-based client who logs into Binance web will be redirected to the new domain – binance.com/en-GB, which serves only in the UK.
This new domain complies with the newly updated rules of the Financial Promotions Regime by the FCA. This domain has been launched in partnership with Rebuildingsociety.com Limited.
Reminder to Check: The FCA issued final warnings to unregistered crypto firms to comply with the new Financial Promotions Regime from the 8th of October or face serious consequences.
The public letter issued by the FCA stated that crypto exchanges and firms can only promote financial (crypto) schemes through ‘authorized persons’ of the FCA.
As a result, Binance has launched its UK Domain in partnership with Rebuildingsociety.com Limited, an FCA-regulated firm authorized to approve crypto marketing and communications materials in compliance with Section 21.
Specialty of Binance UK Domain –
Only Binance products and services that comply with the UK rules will be displayed on the UK domain. These consist of:
- Deposits and withdrawals in fiat and cryptocurrencies
- Spot Trading
- Margin Trading
- Convert the NFT marketplace
- Binance Pay
- Crypto Loans
- Launchpad
However, on the other hand, certain goods that do not comply with the Financial Promotions Regime will no longer be accessible to UK retail consumers. These include –
- Gift Cards
- Academy
- Research
- Feed
- Referral rewards
All in all …
These changes will only affect retail users in the UK starting on October 8, 2023; customers who are exempt under the new Financial Promotions Regime (such as specific institutional and professional investors) will not be impacted.
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