The Financial Conduct Authority (FCA) in the UK has imposed restrictions on Rebuildingsociety, a peer-to-peer lending platform that partnered with cryptocurrency exchange Binance to comply with the FCA’s marketing regulations. The FCA stated that Rebuildingsociety was not authorized to approve the content of any financial promotion for a Qualifying Cryptoasset by an unauthorised person and must withdraw any existing approvals. This suggests that Binance may no longer have a compliant UK partner. The FCA warned Rebuildingsociety to inform its clients, including Binance, that it cannot approve financial promotions and to withdraw any related advertisements. Binance had planned to use Rebuildingsociety to allow UK users to access its products and services through a localized domain. The FCA’s marketing regulations, which came into effect on October 8, require firms, including crypto companies, to provide clear and fair advertisements or face criminal charges. Binance has announced that it will no longer offer referral bonuses and gift cards under these regulations. It remains unclear whether Binance will seek an extension to comply with the FCA’s rules. Other companies, such as OKX and MoonPay, have already announced their intention to comply.

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Information	Details
Geography	Europe
Countries	🇬🇧
Sentiment	neutral
Relevance Score	0
People	None
Companies	Financial Conduct Authority (FCA), OKX, MoonPay, Rebuildingsociety, Binance
Currencies	None Trading
Securities	None