
Binance's U.K. partner is not allowed to approve crypto ads, the local financial watchdog said Tuesday, potentially derailing the exchange's attempts to comply with a new marketing regime.
Binance yesterday announced it was partnering with Rebuildingsociety.com to launch new crypto promotions that will take effect over the weekend. The government requires crypto firms to be registered with the Financial Conduct Authority to be able to approve their own promotions and ads - but allows crypto firms that are not registered to have their ads approved by authorized firms.
Binance, not registered with the FTC, said it was complying with the new regime by collaborating with Rebuildingsociety.com to approve communication for the crypto firm.
On Tuesday, the FCA said Rebuildingsociety.com cannot approve crypto ads for firms and should withdraw any existing approvals for crypto promotions. The firm has until Friday to tell the FCA that it has completed the necessary steps in writing.
The news was first reported by The Block. CoinDesk asked Rebuildingdociety.com and the FCA for comment.