Binance launched a new domain in the UK, http://www.binance.com/en-GB, to comply with the Financial Conduct Authority's (FCA) new financial promotions rules. The new domain is dsigned to provide UK users with clear and accurate information about Binance products and services.
The new FCA rules, which come into force on 6 October 2023, state that financial services providers must be transparent about the risks associated with their products and services, and must provide clear and concise information about their promotions.
Binance has said the new domain is a commitment to transparency and investor protection. The domain includes information about the risks associated with cryptocurrencies, as well as information about Binance promotions.
Below are some of the changes that have been made to the new Binance UK domain:
➡️ Information about the risks associated with cryptocurrencies is more visible.
➡️ Information about Binance promotions is clearer and more concise.
➡️ UK users can access a translated version of the domain.
Binance is the largest cryptocurrency exchange in the world, and has a significant number of users in the UK. The launch of the new domain is an important step for Binance to comply with UK regulations and protect its users.
🔸Regulatory Entity pronounces
The UK's Financial Conduct Authority (FCA) prevented one company, Rebuildingsociety.com, from approving Binance marketing. The FCA issued a consumer warning against Binance in June 2021, warning investors that Binance is not authorized to carry out any regulated activities in the UK.
Binance has said it is working to comply with UK regulations. The company has launched a new domain in the UK, http://www.binance.com/en-GB, which complies with the new FCA financial promotions rules.
The FCA is cracking down on cryptocurrency marketing in the UK. The FCA has issued consumer warnings against a number of cryptocurrency companies, and has banned cryptocurrency marketing in some cases.
The FCA's actions are designed to protect investors from the risks associated with cryptocurrencies. Cryptocurrencies are a high-risk asset, and investors should be aware of the risks before investing.
Rebuildingsociety.com is an FCA regulated company that is authorized to approve crypto marketing and communication materials as an "S21 approver". This partnership and new domain mean we can offer services in the UK in accordance with the updated Financial Promotions Rules. I indicate Binance on the official Blog
Also The FCA said that Rebuildingsociety.com Ltd has the right to make representations to the FCA regarding the restrictions. They also have the right to refer the matter to the High Court.
How this case will end, Binance will obtain the license from the FCA to operate in the United Kingdom, Rebuildingsociety.com Ltd will file statements, or refer the case to a court, what do you think Binance should do about it, and how can it resolve this case, tell you. The FCA's decision seems fair, I'll see you in the comments😉
Sources:
https://www.fca.org.uk/news/statements/fca-imposes-restrictions-rebuildingsocietycom-ltd