Cryptocurrency exchange Binance announced on Oct. 6 that it launched a new domain to serve its customers in the United Kingdom amid the tightening of cryptocurrency regulations in the country.
According to the announcement, Binance partnered with peer-to-peer lending platform Rebuildingsociety.com to approve the exchange’s marketing and communication materials. Since the Leeds-based company is registered with and regulated by the UK’s Financial Conduct Authority (FCA) as an “S21 approver,” this “partnership and new domain means that we can offer services in the UK in compliance with the updated Financial Promotions Rules.”
Under the FCA’s rules for financial promotions, S21 approvers have the ability to approve marketing and communications collaterals for firms wanting to promote their services in the jurisdictions.
U.K. customers would be able to access Binance’s products and services that comply with UK regulations, including fiat and crypto deposits and withdrawals, spot and margin trading, and loans. However, offerings and other platforms such as gift cards, Binance’s education portal Academy, Binance Research, Feed, and referral bonuses will no longer be available for UK retail users.
Binance said the changes will take effect starting Oct. 8, with exemptions for institutional and professional investors not under the financial promotions regime.
“Compliance with regulation[s] around the world remains a top priority for Binance. We are pleased that our partnership with Rebuildingsociety.com allows us to meet our regulatory commitments in the UK and provide uninterrupted service to our users,” the company said.
The announcement comes almost four months after Binance Markets Limited (BML), Binance’s UK-based subsidiary, canceled registration with the FCA. At the time, the company reportedly clarified that what it canceled were its existing permissions that were not in use and unrelated to crypto activities.