Binance, one of the world’s leading cryptocurrency exchanges, has taken significant steps to ensure compliance with UK regulations and enhance its services for users in the United Kingdom. The company recently announced the launch of a new domain specifically designed for UK users.
Alongside this development, Binance has partnered strategically with Rebuildingsociety.com Limited, a Financial Conduct Authority (FCA) regulated firm authorized to approve cryptocurrency marketing and communications materials as an ‘S21 approver.’
This move by Binance comes after the exchange expressed its concerns regarding the regulatory environment in the United States earlier this year. In May 2023, Binance’s Chief Strategy Officer, Patrick Hillmann, highlighted the challenges faced by the company in the US, describing it as a “very confusing” environment.
He pointed to the Securities and Exchange Commission’s (SEC) actions against rival exchange Coinbase as an example of the uncertainty in the US regulatory landscape. At that time, the exchange intended to seek regulatory approval in the UK.
Binance Launches A Dedicated Domain For UK Users
Binance’s official statement, released on October 6th, outlines its commitment to comply with the updated Financial Promotions Regime. As part of this commitment, the exchange has launched a new domain for UK users and partnered with Rebuildingsociety.com Limited, which will approve the exchange’s marketing and communications materials in line with UK regulations.
This collaboration ensures that Binance can offer its services in the UK while adhering to the revised Financial Promotions Rules. Starting from October 8th, 2023, UK retail users accessing the exchange’s services will be redirected to the new domain, www.binance.com/en-GB.
Here, they will find its products and services that are fully compliant with UK regulations, including fiat and cryptocurrency deposits and withdrawals, spot trading, margin trading, conversion services, an NFT marketplace, Binance Pay, crypto loans, and the Launchpad.
However, in line with the Financial Promotions Regime, some products previously offered to UK retail users will no longer be available. These include Gift Cards, Academy, Research, Feed, and referral bonuses. These changes will impact retail users in the UK while exempting certain institutional and professional investors who fall under the new Financial Promotions Regime.
The exchange’s proactive approach to regulatory compliance in the UK demonstrates its commitment to providing a safe and compliant platform for cryptocurrency enthusiasts and investors in the region.
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