The new domain directs users to a range of Binance products, such as spot and margin trading, but educational material and gift cards are not allowed.
Binance, the world’s largest crypto exchange, has launched a new domain for UK users in order to comply with the UK’s Financial Promotions Regime.
The new domain, “www.binance.com/en-GB“, will redirect UK users to a range of products and services that comply with UK finance regulations. Products available include fiat and crypto deposits and withdrawals (though there are no new GBP on/off ramps), spot and margin trading, NFT marketplace, Binance Pay, Launchpad and more.
The regime means that UK retail users will no longer be able to access a range of services, including Academy, Research, Gift Cards, Feed and Referral Bonuses.
Binance has partnered with Rebuildingsociety.com Limited, an FCA regulated firm, to approve its marketing and communications materials. Rebuidlingsociety.com will approve the materials as an ‘S21 approver’.
According to the FCA, a S21 approver must ensure that promotional materials are “clear, fair and not misleading”.
The publication outlines that authorised firms “play an important role in ensuring the promotions they communicate and approve accurately represent the product or service promoted, particularly on matters that are relevant to helping consumers make informed decisions, like risk and return.”
The changes came into effect on Sunday, October 8.
“Compliance with regulation around the world remains a top priority for Binance,” the exchange said in a statement. “We are pleased that our partnership with Rebuildingsociety.com allows us to meet our regulatory commitments in the UK and provide uninterrupted service to our users.”
UK users will be pleased to see Binance come closer to compliance in the country. In May this year, Binance was forced to suspend deposits and withdrawals of GBP after its banking partner, Skrill Ltd, cut ties with the exchange amidst regulatory pressure.
The exchange is yet to implement a new fiat partner for GBP.
Similarly, Binance.US, the American sister site of Binance, was forced to halt withdrawals of USD in June after its banking partners cut ties in light of ongoing litigation with the United States Securities and Exchange Commission (SEC).
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