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Binance complies with UK regulations, unveils new domain and partnerships for user convenience.

The Impact of UK’s Financial Promotions Regulations on Crypto Exchanges

Binance Launches UK-Specific Domain

Crypto exchanges around the world are making adjustments to comply with the Financial Promotions (FinProm) Regime recently implemented by the UK’s Financial Conduct Authority (FCA). Binance, one of the leading cryptocurrency exchanges, has responded by launching a UK-specific domain that exclusively showcases products compliant with UK regulations. The new site offers a range of services to retail users, including spot and margin trading, Binance Pay, and an NFT marketplace. However, certain features like gift cards and referral bonuses are excluded.

Binance Partners with Rebuildingsociety

To ensure adherence to the FinProm rules, Binance has partnered with Rebuildingsociety, an FCA-registered firm. Notably, these changes won’t affect exempt institutional or professional investors. Binance’s UK subsidiary, Binance Markets Limited (BML), voluntarily withdrew its registration from the FCA in June 2023 due to non-compliance with Anti-Money Laundering (AML) requirements.

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OKX Adapts to Regulations

OKX, another prominent crypto exchange, has reduced its token offering to approximately 40 assets and added risk warnings on its interface. Additionally, OKX has launched a UK account on X (formerly known as Twitter). Matt Sullivan, MoonPay’s deputy general counsel, acknowledges the challenges faced by global businesses in adapting to these regulations.

KuCoin and HTX Face Regulatory Scrutiny

In contrast, KuCoin and HTX have been flagged as “non-authorized firms” by the FCA and included in a warning list for potentially promoting services without permission. These regulatory adjustments highlight a significant shift in the crypto landscape as firms strive to meet stringent financial promotion regulations.

Insights on Coinbase’s Performance

Amidst these regulatory changes, it’s worth noting the performance of Coinbase, a leading cryptocurrency exchange. According to InvestingPro data, Coinbase has a market cap of $18.53 billion and a P/E ratio of -14.05. The company’s revenue for the last twelve months stands at $2.58 billion, with a gross profit of $2.19 billion.

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Over the past six months, Coinbase’s stock has experienced a significant uptick, with a total return of 27.7%. However, it’s important to mention that the company’s stock tends to trade with high price volatility. Analysts do not anticipate profitability for Coinbase this year, as the company has not been profitable over the last twelve months and does not pay dividends to shareholders.

InvestingPro for Real-Time Metrics

For more insights like these, consider exploring InvestingPro, a platform that offers real-time metrics and tips for a wide range of companies.

This article was written and reviewed by a human editor. For more information, please refer to the terms and conditions.

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