Binance launches dedicated UK domain to meet new rules
Binance, the world’s largest cryptocurrency exchange, has introduced a new domain for its users in the United Kingdom in order to align with the country’s upcoming financial promotion regulations.
The new website aims to ensure that Binance can continue to provide its services under the UK’s revised financial marketing rules, which are scheduled to take effect this month.
Binance’s new UK domain, www.binance.com/en-GB, will offer access to products and services that comply with the new marketing rules. These services include fiat and crypto deposits and withdrawals, spot trading, margin trading, Binance Pay, and crypto loans, among others. However, some Binance services will no longer be accessible to users in the UK, including Binance gift cards, academy, research, feed features, and referral bonuses.
Additionally, Binance has inked a partnership with Rebuildingssociety.com Limited, an FCA-registered promotions firm. The collaboration will double confirm that all of Binance’s marketing and promotional materials are in compliant with the UK’s financial marketing regulations.
UK update https://t.co/7ET9J6KTj4
— CZ 🔶 Binance (@cz_binance) October 6, 2023
“This partnership and new domain means that we can offer services in the U.K. in compliance with the updated Financial Promotions Rules … We are pleased that our partnership with Rebuildingsociety.com allows us to meet our regulatory commitments in the UK,” the statement reads.
Interestingly, Binance Markets Limited (BML), the UK subsidiary of Binance, canceled its unused permissions granted by the Financial Conduct Authority (FCA) in June.
As a result, the company can’t offer regulated activities and products, as confirmed by a statement issued by the regulator. Binance’s UK arm has voluntarily requested the withdrawal of its registration and the process was finalized on May 30, 2023, and is now reflected on the FCA Register.
Binance’s relationship with the UK regulator has been marked by a tumultuous past. Since 2021, the government body has issued numerous statements cautioning UK residents against engaging in trading activities on the Binance platform.
At the time, Binance was unable to meet the AML requirements set up by the FCA. This became clear in the regulator’s letter to Binance Markets Limited, the group’s UK arm, pointing out the firm ‘refused’ to respond to basic questions including the ones relating to money laundering, organizational structure, and even the legal entity in charge of its product offering.
Binance was also obliged in 2021 to add a notice in a prominent place on its website and apps informing Brits that it’s not approved to offer them any services.