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Binance, the world’s premier crypto exchange, is introducing a fresh domain exclusively for its British clientele. This move ensures they meet the updated financial promotion guidelines set by the UK, especially concerning crypto product advertisements.
The UK’s Financial Conduct Authority (FCA) implemented new regulations last June. These specifically target the way crypto assets are advertised to the public. They mandate that crypto companies need to verify that potential investors possess the requisite knowledge and awareness of potential risks.
In response to these regulations, Binance has collaborated with Rebuildingsociety.com. As an FCA-approved entity, Rebuildingsociety.com will vet and approve Binance’s marketing materials before they go public. Specifically, they’re designated as an S21 approver, a position that lets them validate crypto promotions.
Binance expressed their take on this partnership:
“This partnership and new domain means that we can offer services in the U.K. in compliance with the updated Financial Promotions Rules … We are pleased that our partnership with Rebuildingsociety.com allows us to meet our regulatory commitments in the U.K.”
On Friday, Binance communicated that their UK-based retail customers will now be directed to this new domain. This domain will only feature offerings Binance can provide in line with local stipulations.
Users can expect to access a variety of tools and services. They range from basic fiat and cryptocurrency transactions, spot and margin trading, to advanced solutions like Binance Pay, Convert, Launchpad, Crypto Loans, and the Binance NFT marketplace.
However, the company clarified that to fully adhere to UK regulations, some of their offerings would be unavailable to retail users in the UK. This list includes platforms like Binance Academy, Research, and Feed. Additionally, gift cards and referral bonuses are off the table.
Starting October 8, 2023, these amendments will be active, but they won’t impact all users. Those exempt from the Financial Promotions Regime, like specific institutional and professional investors, won’t experience any changes.