FCA limits are Imposed on Binance’s UK Approver Days After The Partnership is Announced
The UK’s financial authority FCA has placed restrictions on rebuildingsociety.com, which assisted Binance in adhering to UK financial marketing laws. The FCA made this decision to comply with the new financial marketing requirements after Binance announced their cooperation with rebuildingsociety.com.
FCA’s new regulations govern the promotion of crypto assets on websites and social media, among other platforms. Companies promoting crypto assets must abide by these regulations; otherwise, they risk facing criminal accusations and severe penalties.
Rebuilding Society, which was assisting Binance with compliance, received a warning from the FCA after it interfered. Rebuildingsociety.com has been ordered by the FCA to retract any permissions it granted to unlawful entities for financial marketing.
Additionally, rebuildingsociety.com should notify users and remove advertisements that highlight its financial services to warn users against publishing unapproved content.
As a result of restrictions, several services, such the news feed on Binance’s worldwide website and Coinbase’s application, are no longer accessible to the general public in the UK. The actions of the FCA demonstrate that the regulatory environment takes a severe stance toward the cryptocurrency industry with the goal of protecting clients.
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