Binance Introduces UK Domain to Comply with FCA's New Crypto Regulations

Crypto trading giant Binance announced the launch of a new domain for customers in the U.K., citing it is "a strategic step to align itself with the United Kingdom's stringent financial promotions rules".

To this end, Binance has reached a cooperation with the British company, Rebuildingsociety.com Limited, an FCA-regulated entity and authorised 'S21 approver' for crypto marketing and communications materials. The company will be responsible for the approval of Binance marketing communications materials.

With the partnership and the launch of the new domain, Binance said it would be able to provide UK clients with regulated products and services including fiat and cryptocurrency deposits and withdrawals, spot trading, margin trading, Binance Pay and crypto loans, allowing Binance to offer services to the UK market in line with Financial Promotions Rules compliance.

The new crypto regulations has came into effect on October 8, 2023, which explicitly prohibit firms from engaging UK audiences unless registered with the FCA as a cryptoasset firm. Activities including the exchange of cryptoassets, tailored landing pages, sponsored reviews, and app listings for UK customers, are likely to fall under guidelines.

The introduction of the new regulations has made the crypto industry face more stringent challenges. It is reported that Luno, Bybit, and the paytech giant PayPal have all confirmed a temporary reduction of services from October.