Binance has launched a new domain for UK customers to comply with the new Financial Promotion Regime regulations. The cryptocurrency exchange confirmed on Friday that a new subpage is on the verge of going live to serve residents with a range of popular products and services.
Binance launches new UK domain to comply with strict regulations
While several other major companies have opted to exit the UK to avoid legal hot water, Binance is willing to adhere to increasingly stringent compliance requirements to remain active in the market. The good news for customers is that most of its services comply with the new regulations. That means Margin Trading, Spot Trading, Binance Pay, Convert, Fiat and crypto deposit and withdrawals, Crypto Loans and Launchpad are all available.
However, UK retail users can no longer access Referral bonuses, Gift Cards, Research, Feed and Academy. The changes came into effect on Sunday, 8th October and ended a four-month legal headache for Binance after the FCA registration was pulled by its UK subsidiary. However, it is not officially authorised according to the FCA register; Binance is partnering with a company authorised to serve UK customers.
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The new UK regulations have caused issues for cryptocurrency companies by restricting and prohibiting certain marketing activities. Binance, for example, can no longer advertise referral and sign-up bonuses. The strict rules on promotion also carry hefty fines and penalties if violated. The crackdown has forced many companies to leave the UK, while others have signalled their intentions to scale back services to UK customers. PayPal, Luno and ByBit have all confirmed a temporary reduction of services from October.
