Crypto exchange giant Binance has unveiled a new dedicated domain, Binance.com/en-GB, specifically for users based in the United Kingdom. This strategic move is aimed at complying with the UK Financial Conduct Authority’s (FCA) recent implementation of the Financial Promotions Regime, which came into effect on October 8.
Aligning with Regulatory Changes
The introduction of the UK domain allows Binance to offer specific products and services to retail users in accordance with the updated regulations. These include crypto and fiat withdrawals, spot and margin trading, non-fungible tokens (NFT) marketplace, and the popular Binance Pay feature. All these services have been approved by the financial regulator to ensure compliance.
“We have partnered with Rebuilding Society, a trusted peer-to-peer lending platform, to obtain approval for our marketing and communications materials,” said Binance in an official announcement dated October 6.
Binance will be discontinuing certain offerings in the UK, namely referral bonuses, research and academy resources, and gift cards. These changes have already been implemented and are applicable exclusively to retail users.
Regulatory Focus on Crypto Marketing
In an effort to protect UK consumers, the country’s financial watchdog, the FCA, announced last month that new crypto marketing rules, such as the ban on referral bonuses, would be enforced starting October 8.
“From this October, crypto firms must market to UK consumers clearly, fairly, and honestly,” emphasized the FCA in its statement.
Following Binance’s lead, OKX exchange also made significant changes to its services on October 7 to comply with the Financial Promotions Regime. OKX reduced its token offerings, implemented prominent risk warnings, and launched a dedicated X account on Twitter for UK customers to keep them updated on approved products and services.
The main objective of the FCA’s new regime is to ensure that UK users are fully informed about the risks associated with crypto trading, leading to a safer industry and the potential for future regulations.
