The UK’s financial watchdog FCA restricts rebuildingsociety.com which helped Binance to comply with financial promotion rules in the UK.
This move was taken by the FCA after Binance announced their partnership with rebuildingsociety.com, to comply with the new financial promotions regulations of the FCA.
The FCA’s new rules regulate crypto asset promotions across different mediums such as websites, social media, etc. Companies engaged in crypto asset promotion need to follow these rules failure to do so may attract criminal charges and hefty penalties as it is.
The FCA intervened and sent a warning to rebuildingsociety.com which was helping Binance with compliance. The FCA has directed rebuildingsociety.com to withdraw any approvals that it gave to unauthorized entities for financial promotions .
Besides, rebuildingsociety.com should caution its customers against posting unapproved content by notifying them and withdrawing adverts that promote its financial services.
Such changes have impacted services such as the news feed on Binance’s global webpage and Coinbase’s application for instance, as are no longer available to the public domain in the UK due to regulation.
The FCA’s actions signify that the regulatory environment has a strict approach towards the crypto industry with an aim to protect customers.
Also Read: UK FCA’s Final Warning To Crypto Firms On Rule Ignorance
