Key Points:
- Binance introduces a new web page for UK users in response to updated regulations.
- UK users will have access to a range of compliant services but will lose some features.
- Binance collaborates with Rebuildingsociety.com for marketing compliance.
Despite previously withdrawing its FCA registration, Binance has declared its commitment to operating within the updated regulations in the United Kingdom. In response to these evolving rules, the exchange has introduced a new web page specifically tailored to cater to its U.K. clientele, effective as of October 6.
In accordance with the U.K.’s revised Financial Promotion Regime, Binance’s dedicated web page, accessible at www.binance.com/en-GB, will serve the local residents. However, U.K. users will only have access to services that align with local regulations. Fortunately, this selection of available services remains extensive and encompasses fiat and cryptocurrency deposits and withdrawals, spot trading, margin trading, conversions, NFT markets, crypto lending, Binance Pay, and the ICO platform Launchpad.
Nevertheless, it’s crucial to note that certain features will not be available to U.K. users, including gift cards, reference websites, and Binance Feed, the news aggregator. Most significantly, referral bonuses, which have become a target of U.K. regulations, will not be accessible to U.K. customers.
While Binance had previously withdrawn its FCA registration in June, the company’s latest announcement does not indicate any intention to re-register in the U.K. Instead, Binance has chosen to collaborate with the FCA-registered firm Rebuildingsociety.com to gain approval for its marketing materials under the S21 gateway rules.
The new FCA regulations, set to take effect this month, primarily focus on restricting how crypto companies can promote themselves. Key provisions include the mandatory inclusion of risk warnings and the prohibition of referral and sign-up bonuses. Violating these rules could result in severe penalties, including potential imprisonment and significant fines.
Binance has committed to implementing the necessary service changes in accordance with the updated Financial Promotion Regime on October 8. Notably, other crypto companies, including PayPal, ByBit, Luno, and NiceHash, have also responded to increasing compliance requirements by temporarily scaling back their services for U.K. users.
___________________________________________________________________________________________
Stay connected with us on Google News, Telegram, Twitter, and Facebook to stay updated on the latest developments and engaging discussions in the realm of Crypto News.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
