Crypto exchange Binance announced its plans to launch a new UK domain that complies with the regulations introduced by the FCA.
Earlier in June, Binance Markets Limited (BML), the UK division of the crypto firm, canceled its registration with the FCA. Soon, the FCA delisted BML from its website, noting the firm can no longer “provide regulated activities and products” to UK-based users.
Binance has now partnered with Rebuildingsociety.com Limited to release a new domain for its UK user base. In the blog post, Binance revealed that Rebuildingsociety will be responsible for sanctioning its “crypto marketing and communications materials” as a ‘Section 21 approver’ operating under the FCA. Binance added,
"This partnership and new domain means that we can offer services in the UK in compliance with the updated Financial Promotions Rules."
Starting October 8, Binance’s existing UK-based clients will be redirected to the new platform, which showcases only those services that are in compliance with the FCA’s regulations. Fortunately, this includes a majority of the products that are available to Binance’s international users, including spot trading, market trading, NFT marketplace, crypto loans as well as deposit and withdrawal facilities for fiat and crypto tokens.
However, gift cards, referral bonuses, and a few other services will no longer be accessible to its UK clients.