FCA restricts Binance UK partner operations
The UK Financial Conduct Authority (FCA) has ordered Rebuilding Society to restrict the conduct of financial promotions on behalf of unauthorized cryptoasset service providers. The firm's partner is Binance UK.
The regulator ordered the company to stop promoting financial services and inform customers that it cannot approve content from unauthorized individuals or organizations. The move comes days after Binance UK notified it had “received FCA clearance” through its collaboration with Rebuilding Society.
On October 8, a new cryptocurrency advertising regime proposed by the FCA came into effect in the UK. They complement the recently passed Financial Services and Markets Act, which covers industry regulation in the country.
On October 9, Binance made copy trading available on its website and app. The trader whose strategy is copied will receive 10% of the profits and 10% of commissions from each user.