UK Financial Conduct Authority Restricts Binance’s Partner from Crypto Ads
FCA Imposes Restrictions on Rebuildingsociety
The Financial Conduct Authority (FCA) in the United Kingdom has imposed restrictions on the lending platform “Rebuildingsociety” following its recent partnership with cryptocurrency exchange “Binance”. These restrictions are in line with the regulatory framework set by the FCA.
Rebuildingsociety Not Authorized for Crypto Promotions
In an announcement made on October 10, the FCA stated that “Rebuildingsociety” is not permitted to approve any promotional content related to crypto assets. The platform is required to withdraw any existing approvals. The announcement also mentioned that Binance may not have a partner in the UK, as per the new marketing requirements implemented by the FCA on October 8.
FCA’s Instructions to Rebuildingsociety
Rebuildingsociety has been instructed by the regulatory authority to notify its customers that it is not allowed to approve any promotional content related to crypto assets. The platform must also remove any advertisements indicating approval from the FCA and confirm its compliance with the FCA in writing.
