FCA restricts Binance’s UK partner’s ability to approve crypto ads News ▸ UK ▸ Binance ▸ Regulation
FCA restricts Binance’s UK partner’s ability to approve crypto ads
Binance is not registered with UK's FCA despite its creation of a dedicated page for residents, which severely limits its marketing abilities.
2 min read
Updated: Oct. 10, 2023 at 5:25 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The United Kingdom’s Financial Conduct Authority (FCA) has restricted Binance’s local partner, Rebuildingsociety.com, from approving financial promotion content from an ‘unauthorized’ persons.
Per information on the regulator’s website, Binance’s UK affilate, Rebuildingsociety.com, must rescind any prior approvals granted to unlicensed entities. The FCA further directed the company to notify its clients that it cannot endorse content from unauthorized individuals or entities and must retract any advertisements promoting its services to approve financial promotions.
Rebuildingsociety.com must obey the above orders by 5 PM BST on Oct. 11. The firm must also write the authorities before Oct. 13, showing that it has complied with these requirements.
Rebuildingsociety.com has yet to reply to CryptoSlate’s request for comment as of press time.
Does this affect Binance?
On Oct. 6, Binance unveiled a dedicated page tailored to its U.K. clientele. Alongside this, the firm announced a strategic collaboration with Rebuildingsociety.com—an FCA-registered firm tasked with ensuring the approval of the exchange’s marketing materials in accordance with local regulations.
Before the announcement, Binance’s U.K. subsidiary had withdrawn its FCA registration in June.
While today’s FCA order does not explicitly name Binance, it underscores the exchange’s lack of registration with the authority. Interestingly, the Changpeng Zhao-led crypto exchange does not appear on the regulator’s recent list of 143 unauthorized entities.
In an Oct. 10 press statement shared with CryptoSlate, Binance said its agreement with Rebuildingsociety.com was shared with the FCA a week before the commencement of the new regulatory regime.
According to the firm, its dedicated page for its U.K. customers has been built to comply with the detailed requirements of the new regulations. It added:
“The FCA issued warnings against more than 140 firms for breaches of the Financial Promotions Regime since it was updated on October 8. That Binance is not among these firms is testament to the processes and procedures it has implemented to comply with requirements.”
Binance declined to comment on the restrictions imposed on its partner.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.