Binance's approver for financial promotions compliance within the UK has been hit with an intervention from the Financial Conduct Authority.
The Financial Conduct Authority has put restrictions on Binance's UK approver for financial promotions compliance. On Tuesday, Rebuilding Society received an intervention from the FCA that restricts it from conducting financial promotions on behalf of unauthorized crypto-asset service providers.
According to the intervention, Rebuilding Society has until 5 p.m. BST on Wednesday to withdraw any prior financial promotion approvals it has granted to unauthorized entities. The FCA has also ordered Rebuilding Society to inform clients using its third-party financial promotions service that it cannot approve content from unauthorized persons or entities. It must also withdraw any advertisements offering its services to approve financial promotions.
In late August, Rebuilding Society announced its new financial promotions approval service. "We’re pleased to announce a new service for the approval of financial promotions for cryptoasset firms," the Leeds-based lender stated.The FCA's new regime for crypto asset financial promotions took effect on Oct. 8. The new rules apply to crypto promotions across various media forms, from websites and social media outlets to online advertising.
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