The world’s largest crypto exchange, Binance, launched a dedicated domain for its UK clientele, aligning with the imminent Financial Promotions Rules of the UK. The crypto exchange not only introduced a new domain tailored for UK users but also joined forces with Rebuildingsociety.com Limited, an FCA-regulated entity recognized as an S21 approver empowered to greenlight crypto-related marketing and communication materials.
Some experts have not expected Binance to do so. The crypto exchange is under tight scrutiny from regulators worldwide. However, this strategic move ensures that Binance offerings in the UK align seamlessly with the updated Financial Promotions Rules. Consequently, UK-based users will be seamlessly directed to www.binance.com/en-GB, a platform showcasing only those Binance offerings that meet UK regulatory standards.
Binance‘s commitment to adhering to the UK’s evolving financial marketing landscape was highlighted in an October 6 blog post, just two days before the new regime’s initiation. Earlier in June, the UK’s Financial Conduct Authority (FCA) heralded a revamp of marketing guidelines concerning crypto assets. The primary objective? To ensure potential investors are well-versed with the inherent risks of digital assets. The FCA is on a mission to eliminate deceptive crypto ads and enticing promotional gimmicks, such as referral bonuses.
Binance‘s domain www.binance.com/en-GB will grant access only to offerings that resonate with the upcoming marketing norms. This encompasses services like fiat and crypto transactions, spot trading, margin trading, Binance Pay, and crypto loans. However, certain features like Binance gift cards, academy, research, feed, and referral bonuses will be off-limits for UK users.
Reinforcing its commitment, Binance has also collaborated with Rebuildingsociety.com Limited, an FCA-endorsed firm, to oversee the approval of its marketing and promotional content. In a July communique, the FCA provided clarity to crypto enterprises wishing to function under its new ad regime, detailing the legitimate avenues for promoting financial offerings to UK consumers.
Binance seems to have embraced one of these pathways, which involves promotions sanctioned by an FCA-acknowledged entity.