Rebuildingsociety.com can't approve crypto ads due to regulatory restrictions.
Binance had partnered with the company to comply with FCA's new regulations.
The Financial Conduct Authority (FCA) has disrupted
Binance's plans to adhere to the UK's new crypto marketing regulations. This
occurred after its partner in the UK, Rebuildingsociety.com, was barred from approving
crypto advertisements in the country.
The cryptocurrency exchange, not being registered
with the FCA, had partnered with Rebuildingsociety.com just ahead of the
implementation of new crypto promotion rules. This partnership was aimed at
securing approval for the crypto exchange's communications and advertisements.
FCA's New Crypto Marketing Rules
The new rules mandate crypto firms to register with the FCA
to independently approve their promotions and advertisements. However, the
rules allow unregistered crypto firms to seek approval from authorized
entities.
The notice published by the FCA indicates that
Rebuildingsociety.com lacks the authority to approve crypto ads for firms. The
FCA further instructed the firm to "withdraw any existing approvals for
crypto promotions" and demanded a written confirmation of compliance by
Friday.
The regulator wrote: "On October 10, 2023, we imposed
restrictions on Rebuildingsociety.com Ltd to restrict it from approving
crypto asset financial promotions. We have used our powers under section 55L of
the Financial Services and Markets Act to impose these restrictions."
However, investors who have engaged with unregistered crypto
asset firms through the approval of Rebuildingsociety.com Ltd can still have
access to communications regarding their existing assets. This means they can
manage transactions such as withdrawals, transfers, or sell their assets.
Binance Customizes Services to Align with FCA Rules
Binance is one of the crypto exchanges preparing to comply
with FCA's new regulations. Last week, the platform launched a new domain,
www.binance.com/en-GB, specifically for retail users in the UK. The platform
offers services that adhere to the updated regulations, including fiat
transactions, crypto deposits and withdrawals, spot trading, margin trading,
access to the NFT marketplace, Binance Pay, crypto loans, and the launchpad.
However, Binance no longer offers certain services,
including gift cards, access to Binance Academy, research resources, feed
features, and referral bonuses, for users in the UK. These adjustments affect
retail users, as certain institutional and professional investors enjoy
exemptions under the new Financial Promotions Regime.
The FCA enforced the new regulations yesterday (Monday) by
issuing a total of 146 alerts related to crypto asset promotions within the
first 24 hours of its implementation. The watchdog urged consumers to consult
the warning list before making any crypto investments. This list is a resource
to help consumers identify firms whose promotions may breach the law.
Since October 8, 2023, firms promoting cryptoassets in the
UK must either be authorized or registered by the FCA or have their marketing
approved by an authorized firm, as mandated by law. Promotions must adhere to FCA rules, ensuring they are clear, fair, not misleading, and include prominent
risk warnings.
The Financial Conduct Authority (FCA) has disrupted
Binance's plans to adhere to the UK's new crypto marketing regulations. This
occurred after its partner in the UK, Rebuildingsociety.com, was barred from approving
crypto advertisements in the country.
The cryptocurrency exchange, not being registered
with the FCA, had partnered with Rebuildingsociety.com just ahead of the
implementation of new crypto promotion rules. This partnership was aimed at
securing approval for the crypto exchange's communications and advertisements.
FCA's New Crypto Marketing Rules
The new rules mandate crypto firms to register with the FCA
to independently approve their promotions and advertisements. However, the
rules allow unregistered crypto firms to seek approval from authorized
entities.
The notice published by the FCA indicates that
Rebuildingsociety.com lacks the authority to approve crypto ads for firms. The
FCA further instructed the firm to "withdraw any existing approvals for
crypto promotions" and demanded a written confirmation of compliance by
Friday.
The regulator wrote: "On October 10, 2023, we imposed
restrictions on Rebuildingsociety.com Ltd to restrict it from approving
crypto asset financial promotions. We have used our powers under section 55L of
the Financial Services and Markets Act to impose these restrictions."
However, investors who have engaged with unregistered crypto
asset firms through the approval of Rebuildingsociety.com Ltd can still have
access to communications regarding their existing assets. This means they can
manage transactions such as withdrawals, transfers, or sell their assets.
Binance Customizes Services to Align with FCA Rules
Binance is one of the crypto exchanges preparing to comply
with FCA's new regulations. Last week, the platform launched a new domain,
www.binance.com/en-GB, specifically for retail users in the UK. The platform
offers services that adhere to the updated regulations, including fiat
transactions, crypto deposits and withdrawals, spot trading, margin trading,
access to the NFT marketplace, Binance Pay, crypto loans, and the launchpad.
However, Binance no longer offers certain services,
including gift cards, access to Binance Academy, research resources, feed
features, and referral bonuses, for users in the UK. These adjustments affect
retail users, as certain institutional and professional investors enjoy
exemptions under the new Financial Promotions Regime.
The FCA enforced the new regulations yesterday (Monday) by
issuing a total of 146 alerts related to crypto asset promotions within the
first 24 hours of its implementation. The watchdog urged consumers to consult
the warning list before making any crypto investments. This list is a resource
to help consumers identify firms whose promotions may breach the law.
Since October 8, 2023, firms promoting cryptoassets in the
UK must either be authorized or registered by the FCA or have their marketing
approved by an authorized firm, as mandated by law. Promotions must adhere to FCA rules, ensuring they are clear, fair, not misleading, and include prominent
risk warnings.
Tradu Introduces New Crypto Exchange with Competitive Fees
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
π¦ Twitter: https://twitter.com/F_M_events
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βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
π¦ Twitter: https://twitter.com/F_M_events
π₯ TikTok: https://www.tiktok.com/@fmevents_official
βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
π¦ Twitter: https://twitter.com/F_M_events
π₯ TikTok: https://www.tiktok.com/@fmevents_official
βΆοΈ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
π Subscribe to our YouTube channel for more!π
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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