Binance launches new domain in UK in accordance with FCA regulations
Binance has made significant adjustments to its operations in the United Kingdom to align with the regulations set forth by the Financial Conduct Authority (FCA). This move is a response to the new crypto industry regulations that came into effect on October 8, 2023.
In an official statement from Binance, it has been announced that all clients residing in the UK will be directed to a new domain, binance.com/en-GB. This domain, launched in collaboration with Rebuildingsociety.com, is registered and serviced within the UK, ensuring compliance with the updated regulations governing the promotion and advertisement of digital assets for UK residents.
The new domain will feature only services and products from Binance that have received approval from the Financial Conduct Authority. These approved services include fund conversion, deposits, withdrawals, spot and margin trading, as well as access to Binance Pay and the NFT marketplace.
It is important to note that certain products, such as gift cards and referral bonuses, will no longer be available to customers in the United Kingdom as a result of these changes.
The FCA has issued a warning to all participants in the UK crypto industry, emphasising the serious consequences, including the possibility of imprisonment, for those who fail to comply with the established requirements for crypto companies.
Binance’s representatives have stated their commitment to prioritising compliance with regulatory requirements. They have also highlighted their cooperation with Rebuildingsociety.com as a measure to ensure smooth provision of services for their users.
Earlier, the Treasury of the United Kingdom announced that King Charles III had signed a law that recognises crypto transactions as regulated activities. This law also grants regulators the authority to supervise digital currencies.