Binance Launches New UK Domain Despite Previous Business Decision

Binance, the world's largest crypto exchange platform by trading volume, pushes for U.K. operation as it has launched a new domain for the region despite its previous decision to cancel its subsidiary's registration with the country's Financial Conduct Authority (FCA).

Last Friday, Binance announced the rollout of a new subpage to cater to its customers in the United Kingdom in line with the country's changing regulations.

"In compliance with the updated Financial Promotions Regime, Binance has launched a new domain for UK users and partnered with Rebuildingsociety.com Limited which will approve Binance's marketing and communications materials," the crypto exchange said in a blog.

Aside from serving its U.K. customers, the new subpage will only offer local customers services that meet the country's regulations, which include an extensive list of services such as fiat and crypto deposits and withdrawals, margin trading, spot trading, NFT markets, conversion, Binance Play, crypto lending and Launchpad.

"UK retail users will now be redirected to www.binance.com/en-GB, which will only show Binance products and services that we can offer in compliance with UK regulations," the exchange said, emphasizing that because it has to comply with the Financial Promotions Regime, several products like Guft Cards, Academy, Research, Feed and Referral Bonus will no longer be available to its U.K. users.

The changes are only applicable to Binance users in the U.K. starting Oct. 8 and will not impact users exempted by the new Financial Promotions Regime like some institutional and professional investors, Binance stated.

"These changes only apply to retail users in the UK from 8 October 2023, and will not affect users which are exempt under the new Financial Promotions Regime (such as certain institutional and professional investors)," the blog read.

The exchange also underlined that regulation compliance has always been its top priority and expressed its pleasure to still provide its products and services to the country's customers because of its partnership with Rebuildingsociety.com, which enabled the exchange to meet "regulatory commitments in the U.K."

In June, Binance shared that its U.K. subsidiary, Binance Markets Limited (BML), canceled its registration with the FCA, the regulatory body of the financial services industry in the U.K.

"Binance Markets Limited has recently submitted a cancellation request of their FCA permissions which was completed on 30 May 2023," the FCA said.

"Following the completion of the cancellation of permissions, the firm is no longer authorized by the FCA. No other entity in the Binance Group holds any form of UK authorization or registration to conduct regulated business in the UK," it added.