Binance's approver for financial promotions compliance within the UK has been hit with an intervention from the Financial Conduct Authority.
The Financial Conduct Authority has put restrictions on Binance's UK approver for financial promotions compliance. On Tuesday, Rebuilding Society received an intervention from the FCA that restricts it from conducting financial promotions on behalf of unauthorized crypto-asset service providers.
According to the intervention, Rebuilding Society has until 5 p.m. BST on Wednesday to withdraw any prior financial promotion approvals it has granted to unauthorized entities. The FCA has also ordered Rebuilding Society to inform clients using its third-party financial promotions service that it cannot approve content from unauthorized persons or entities. It must also withdraw any advertisements offering its services to approve financial promotions.
In late August, Rebuilding Society announced its new financial promotions approval service. "We’re pleased to announce a new service for the approval of financial promotions for cryptoasset firms," the Leeds-based lender stated.The FCA's new regime for crypto asset financial promotions took effect on Oct. 8. The new rules apply to crypto promotions across various media forms, from websites and social media outlets to online advertising.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance, OKX to comply with new financial promotions rules in UKWhile KuCoin and HTX (formerly Huobi) have been flagged as “non-authorized firms” in the United Kingdom, other crypto companies have complied with new rules.
Read more »
Large Binance Coin (BNB) Whale Activates, Moves Millions: Here's BNB Price ReactionLet's take a look at BNB price chart dynamics as early Binance coin investor moves large amounts to exchange
Read more »
Multiple Bitcoin Price ATHs? Binance CEO Weighs In on Bitcoin HalvingBinance's CZ has hinted at possible new ATHs based on past halvings
Read more »
Coinbase, OKX and Binance partner with UK firms as regulations come into forceCoinbase and OKX have partnered with crypto startup Archax to get UK financial promotions approved under new FCA regime.
Read more »
Binance introduces copy trading feature for futures marketsCrypto exchange Binance has introduced a copy trading feature for futures products in selected markets.
Read more »
XRP Community Celebrates as Binance Introduces New Trading PairMajor crypto exchange widens horizons for XRP with latest listing
Read more »