Key Takeaways
- Binance’s UK domain, “Binance.com/en-GB,” will provide retail users in the UK with services that align with the FCA’s regulatory changes.
- In compliance, OKX has reduced their token offering to approximately 40 assets and implemented prominent risk warnings throughout their platform.
In response to the United Kingdom Financial Conduct Authority’s (FCA) recently enacted Financial Promotions Regime (FinProm), Binance, one of the world’s largest cryptocurrency exchanges, has introduced a dedicated domain for its British users. Effective from October 8, the new UK domain, “Binance.com/en-GB,” will provide retail users in the UK with specific products and services that align with the FCA’s regulatory changes.
Among the services that will be available to UK retail users are cryptocurrency and fiat withdrawals, spot and margin trading, access to the non-fungible tokens (NFT) marketplace, and Binance Pay. These services have received approval from the financial regulator, demonstrating Binance’s commitment to adhering to the new rules.
Binance has taken steps to ensure compliance with the FCA’s regulations by partnering with Rebuilding Society, a peer-to-peer lending platform. This collaboration involves Rebuilding Society approving Binance’s marketing and communication materials, helping the exchange navigate the complexities of the FinProm Regime.
The FCA implemented the new FinProm Regime on October 8 to promote fair, transparent, and honest cryptocurrency promotions within the country. In alignment with these regulations, Binance has announced that certain products and services, such as gift cards, referral bonuses, academy, and research offerings, will no longer be available to retail users in the UK.
Importantly, these changes will not impact users who fall under exemptions defined by the FinProm rules, including specific institutional and professional investors.
Binance is not the only cryptocurrency exchange adapting to the new regulatory environment. OKX exchange also announced significant changes on October 7 to align with the requirements of the Financial Promotions Regime. These changes include reducing their token offering to approximately 40 assets and implementing prominent risk warnings throughout their platform.
MoonPay, a crypto payment service provider, is another industry player working diligently to comply with the FinProm rules. In the UK, firms engaged in “crypto asset activities” must either be registered with the FCA or granted temporary status to operate. The FCA has taken a firm stance on non-compliance, recently adding 143 new entities, including major cryptocurrency exchanges like HTX (formerly Huobi) and KuCoin, to its warning list of non-authorized firms.
Meanwhile, unregistered firms like ByBit have announced the suspension of their services to UK clients, and Luno, another firm lacking FCA registration, is taking similar measures by restricting certain UK clients from engaging in crypto investments.
