Binance Partners with RebuildingSociety.com to Comply with UK Financial Promotions Regime
Binance, the world’s largest cryptocurrency exchange, is making efforts to become compliant globally. Despite facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) and its Chairman Gary Gensler, Binance is now focusing on complying with regulations in the UK.
The UK Financial Promotions Regime, effective from 8 October, applies to “financial promotions” of “qualifying crypto assets.” To meet these requirements, Binance has partnered with RebuildingSociety.com, an FCA authorized and regulated entity. The exchange has also made changes to its services for UK customers.
Changes to Binance UK Services
In an email to UK customers, Binance announced that it will still offer fiat and crypto deposits and withdrawals, spot trading, margin trading, convert services, NFT marketplace, Binance Pay, and crypto loans. However, certain products such as gift cards, academy, research, feed, and referral bonuses will no longer be available.
During this transition period, the Binance app will be temporarily unavailable for UK users while necessary changes are implemented. Additionally, customers will need to complete additional onboarding steps including signing a declaration and passing an “appropriateness test” to comply with the new UK regulatory directives.
Hot Take: Binance’s Ongoing Compliance Efforts
Binance continues to face regulatory challenges across various jurisdictions. Despite the ongoing lawsuit in the U.S., the exchange is now focusing on compliance with the UK Financial Promotions Regime. By partnering with RebuildingSociety.com and making necessary service changes for UK customers, Binance aims to meet regulatory requirements.
Compliance is crucial for crypto exchanges like Binance to ensure the protection of investors and maintain trust in the industry. As regulations continue to evolve, exchanges must adapt and navigate the changing landscape to operate within legal frameworks and foster a sustainable crypto ecosystem.
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