Prior to the implementation of the UK's recently updated financial promotion regime, Binance launched a dedicated domain name for users in the country.。The Cryptocurrency Exchange with Rebuildingsociety.com Limited, a company regulated by the UK's Financial Conduct Authority (FCA) with the authority to approve cryptocurrency marketing and communications materials。

According to a statement issued by the company, the collaboration, as well as the new domain name www.binance.com / en-GB is a major step forward for Binance in complying with new regulations。

The domain name will provide services that comply with the latest regulations, including fiat currency trading and cryptocurrency deposits and withdrawals, spot trading, margin trading, NFT market access, Binance Pay, cryptocurrency lending and publishing platforms.。

Binance Restricted Services

However, with the convergence of Binance with new financial rules, UK retail users will no longer be able to use some of the services previously offered from 8 October 2023.。These excluded services include gift cards, access to Binance College, research resources and referral bonuses.。

However, these adjustments mainly affect retail users, as the new financial promotion regime provides exemptions for certain institutional and professional investors.。

It is worth noting that Binance's current focus on the UK market comes after previous conflicts with the FCA.。The exchange was one of the cryptocurrency companies that withdrew the FCA's application for compulsory registration in June.。The troubles began in mid-2021, when the FCA labeled Binance's local entity as unregulated, triggering worldwide regulatory warnings and actions.。

Despite the changes facing Binance's UK subsidiary, the exchange said it plans to shift its attention to the UK market, focusing on compliance with the newly revised financial promotion regime.。

FCA warns of unauthorized advertising

Lucy Castledine, director of consumer investment at the FCA, issued a stern warning: "On the arrival of October 8, we will take action against companies that illegally market to UK consumers."。"

Failure to comply can result in a range of penalties, including restrictions, being placed on a warning list, websites taken off the shelves, fines and potential jail terms for those responsible.。

FCA's advertising rules for the cryptocurrency industry require cryptocurrency companies to register and approve their ads。In addition to this, they will also have to make changes to their systems so that people who invest in cryptocurrencies for the first time have at least 24 hours to reconsider before finalizing their investment options, etc.。