On October 6, 2023, Binance News announced the launch of a specific domain for its UK clients. This domain, binance.com/en-GB, is in compliance with the regulations of the Financial Conduct Authority (FCA) in the UK. When UK-based clients log into Binance’s website, they will be redirected to this new domain.
The release of a specific UK domain is necessary because of the updated rules of the Financial Promotions Regime by the FCA. The FCA has issued final warnings to unregistered crypto firms to comply with these new rules by October 8 or face consequences. Binance has partnered with Rebuildingsociety.com Limited, an FCA-regulated firm, to launch this domain and ensure compliance with Section 21.
The specialty of the Binance UK domain is that it only displays products and services that comply with UK regulations. This includes deposits and withdrawals in fiat and cryptocurrencies, spot trading, margin trading, the NFT marketplace, Binance Pay, crypto loans, and Launchpad. However, certain goods like Academy, Research, Feed, and referral rewards will no longer be accessible to UK retail consumers.
Starting on October 8, 2023, these changes will only affect retail users in the UK. Exempt customers such as specific institutional and professional investors will not be impacted by these changes.
Hot Take: Binance Launches Specific UK Domain to Comply with FCA Regulations
Binance has taken a proactive approach to comply with the strict regulations of the Financial Conduct Authority (FCA) in the UK. By launching a specific UK domain, binance.com/en-GB, Binance ensures that its products and services offered to UK clients adhere to the newly updated Financial Promotions Regime. This move demonstrates Binance’s commitment to operating within regulatory frameworks and providing a secure environment for its users.
The partnership with Rebuildingsociety.com Limited, an FCA-regulated firm, further strengthens Binance’s compliance efforts. With this collaboration, Binance can promote its financial (crypto) schemes through authorized persons of the FCA, as required by the FCA’s public letter.
While some goods like Academy, Research, Feed, and referral rewards will no longer be accessible to UK retail consumers, Binance continues to offer a range of services that comply with UK regulations. This includes deposits and withdrawals in fiat and cryptocurrencies, spot trading, margin trading, the NFT marketplace, Binance Pay, crypto loans, and Launchpad.
Overall, Binance’s launch of a specific UK domain showcases its commitment to regulatory compliance and providing a tailored experience for its UK clients.
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