FCA Sanctions Binance's UK Partner RebuildingSociety.com for Financial Promotions
Binance Marketing Partner Rebuildingsociety has been sanctioned by the UK's Financial Conduct Authority (FCA), informing them that they cannot act on behalf of Binance for financial promotions under current law.
In a recent regulatory development, Rebuildingsociety, a firm duly recognized and regulated by the UK's Financial Conduct Authority (FCA), has been subjected to restrictions. The FCA has mandated Rebuildingsociety "not to approve the content of any financial promotion for a qualifying cryptoasset for communication by an unauthorized person.
This notice has sparked speculation regarding the recent Binance's potential shift in UK partnerships to ensure compliance with the FCA's marketing requirements. This sanction comes a mere seven days after Binance announced its partnership with Rebuildingsociety. The partnership was aimed to facilitate Binance in marketing its various offerings, including spot trading, nonfungible tokens (NFTs), and various other products and services specifically targeted towards users in the UK.
However, the FCA directive indicates that Rebuildingsociety must, by 5 pm on October 11, 2023, withdraw any existing approvals of financial promotions containing a qualifying cryptoasset.
The FCA's instructions extend to Rebuildingsociety's client engagement. The firm is required to inform any clients it has engaged with or has been engaged with for the purpose of approving content in any financial promotion containing a qualifying cryptoasset about the imposed requirements. Additionally, Rebuildingsociety is mandated to withdraw any advertisements or similar promotional materials offering to approve the content of such financial promotions for communication by an "unauthorized person."
Furthermore,
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