Binance, OKEx will comply with new financial promotion rules in the UK
Crypto companies such as Binance, OKEx and MoonPay have announced that they have attempted to comply with the UK's new financial promotion rules.
Major global cryptocurrency exchanges such as Binance and OKEx have announced that they are working to comply with new financial promotion regulations in the UK.
The UK Financial Conduct Authority (FCA) imposed a new Financial Promotion Regime (FinProm) in the country on October 8 for cryptocurrency companies, aimed at ensuring fair, clean and transparent promotion of cryptos.
Binance announced on October 6 that it had launched a new domain for UK users and partnered with local peer-to-peer lending platform Rebuildingsociety.
In line with the compliance update, Binance retail users in the UK will be redirected to a local domain starting October 8, which will only display Binance products and services permitted in accordance with UK regulations. The products will include spot and margin trading, Binance Pay, nonfungible token (NFT) marketplace, lending and more.
However, in accordance with the new FCA rules, Binance will stop offering products such as gift cards, referral bonuses, academies and research, the announcement notes.