In light of recent updates to the UK’s crypto marketing guidelines set by the Financial Conduct Authority (FCA), Binance, a globally recognized crypto exchange, has decided to halt registrations for new users from the UK starting Oct. 16.
The newly instated regulatory measures, implemented on Oct. 8, provide companies registered with the FCA the option to either approve their own advertisements or hire approved entities to assess and approve their marketing content.
Central to these new rules is the focus on guaranteeing that advertisements adhere to specified criteria, aiming to create a more secure and transparent environment for potential investors. Ahead of these changes, Binance had initially partnered with Rebuildingsociety.com for the approval of its UK ads. Yet, the FCA later specified that Rebuildingsociety.com doesn’t have the necessary permissions for endorsing crypto-centric advertisements.
Expressing their proactive approach, Binance mentioned, “We’re in active discussions with the FCA to safeguard our user interests and are seeking an alternate FCA-approved entity to oversee our financial ads in the near future”.
For Binance’s current UK customers, the situation varies slightly. They can still use the platform if they have completed the “Investor Declaration and Appropriateness Test”. However, they might temporarily be unable to access new offerings from Binance during this period of adjustment.