Key takeaways :
- Binance commits to operating within new UK regulations, reversing its previous withdrawal decision.
- UK customers gain access to approved services via a dedicated web page.
Binance Embraces New UK Regulations, Launches Dedicated UK Website Despite Previous Exit Plans.
In a surprising turn of events, cryptocurrency exchange giant Binance has announced its intention to adhere to the evolving regulatory landscape in the United Kingdom. This decision comes after an earlier announcement to withdraw from the UK market.
The move underscores the intricate relationship between cryptocurrency exchanges and government oversight, particularly in the face of heightened regulatory scrutiny within the UK’s crypto industry.
On October 6th, Binance introduced a specialized subpage designed to cater to its customer base in the United Kingdom, a strategic response to the shifting regulatory environment. This strategic move aligns with the updated Financial Promotion Regime in the UK, with the domain www.binance.com/en-GB now exclusively serving the needs of residents in compliance with regulatory requirements.
UK users can leverage this dedicated page for various purposes, including cryptocurrency exchanges, borrowing against their crypto holdings, accessing Binance Pay, and participating in the NFT market. However, certain features such as gift cards and referral bonuses are not available to UK users due to regulatory restrictions.
It’s worth noting that Binance has taken steps to ensure compliance with the Financial Conduct Authority (FCA) regulations. In June, the exchange’s UK-based subsidiary withdrew its FCA registration, and as per the FCA register, Binance remains unauthorized to operate in the UK.
To further ensure compliance, Binance has forged a partnership with Rebuildingssociety.com Limited, an FCA-registered promotions firm. This collaboration entails the approval of all marketing and promotional materials used by the exchange.
The FCA had previously outlined various legal avenues for disseminating financial promotions to UK consumers under its new advertising regime. Binance appears to have opted for promotions approved by an authorized entity, as stipulated in the FCA handbook. Alternative methods of marketing under the UK’s new financial promotion regulations include direct promotion by an authorized entity or promotion by crypto asset firms registered with the FCA.
