Major global cryptocurrency exchanges like Binance and OKX have announced that they’re working to comply with new financial promotion regulations in the United Kingdom.
The Financial Conduct Authority (FCA) of the U.K. enacted the country’s new Financial Promotions (FinProm) Regime on Oct. 8 for cryptocurrency firms, aiming to ensure fair, clean and transparent crypto promotions.
Binance announced on Oct. 6 that it has launched a new domain for U.K. users and partnered with the local peer-to-peer lending platform Rebuildingsociety.
In line with the compliance update, Binance’s U.K. retail users will be redirected to a localized domain starting from Oct. 8, which will only show Binance products and services that are permitted in compliance with U.K. regulations. Such products will include spot and margin trading, Binance Pay, nonfungible token (NFT) marketplace, loans and others.
However, in compliance with the new FCA rules, Binance will cease to offer products like gift cards, referral bonuses, gift cards, academy and research, the announcement notes.
The changes will only apply to retail users in the U.K. and will not affect users which are exempt under the new FinProm rules, including certain institutional and professional investors.
OKX issued a…
