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In order to comply with the new UK Financial Promotions Regime, Crypto exchange Binance has partnered with RebuildingSociety.com.
Binance still fighting for compliance
Binance, the world’s largest cryptocurrency exchange by trading volume, is fighting to become compliant across the globe, despite the fact that the U.S. regulatory watchdog, the SEC, with its Chairman Gary Gensler are currently suing Binance, along with its CEO Changpeng Zhao.
The crypto exchange’s latest bid for compliance comes in the UK, a country that has presented many difficulties for Binance over recent years.
The new UK Financial Promotions Regime will come into effect on 8 October and will apply to “financial promotions” of “qualifying crypto assets”.
A change to Binance UK services
Therefore, in order to comply, Binance has partnered with RebuildingSociety.com, which has FCA authorisation and regulatory approval. In addition, Binance has had to change its offerings to UK customers. An email to UK customers stated that the exchange will still offer the following services:
Fiat and crypto deposits and withdrawals
• Spot Trading
• Margin Trading
• NFT marketplace
• Binance Pay
• Crypto Loans
However, the following products will no longer be available:
• Gift Cards
• Referral bonuses
The email stated that the Binance app will be temporarily unavailable for UK users while changes are made. Also, in order to comply with the new UK regulatory directives, customers will be required to complete some additional onboarding steps which include signing a declaration, and passing an “appropriateness test”.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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