Binance Adapts to UK’s Financial Regulations With a New Domain and Partnerships By Investing.com
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Crypto exchanges globally are adjusting their operations in response to the Financial Promotions (FinProm) Regime recently enforced by the U.K.’s Financial Conduct Authority (FCA). Among them, Binance launched a U.K.-specific domain on Friday, displaying only U.K.-compliant products. The new site offers services such as spot and margin trading, Binance Pay, and an NFT marketplace to retail users, excluding certain features like gift cards and referral bonuses.
To ensure adherence to the FinProm rules, Binance has partnered with Rebuildingsociety, an FCA-registered firm. Interestingly, these changes won’t affect exempt institutional or professional investors. The move came after Binance Markets Limited (BML), the U.K. subsidiary of Binance, voluntarily withdrew its registration from the FCA in June 2023 due to its inability to meet Anti-Money Laundering (AML) requirements.
Meanwhile, OKX has reduced its token offering to around 40 assets and added risk warnings on its interface while launching a U.K. account on X (formerly Twitter). Matt Sullivan, MoonPay’s deputy general counsel, acknowledged the global business challenges in complying with these rules.
In contrast, KuCoin and HTX have been flagged as “non-authorized firms” by the FCA and included in a warning list for potentially promoting services without permission. The regulatory adjustments indicate a significant shift in the crypto landscape as firms adapt to stringent financial promotion regulations.
In the midst of these changes, it is worth noting the performance of Coinbase (NASDAQ:), a leading cryptocurrency exchange. According to InvestingPro data, the company has a market cap of 18.53B USD, with a P/E ratio of -14.05. The company’s revenue for LTM2023.Q2 stands at 2580.23M USD, with a gross profit of 2190.79M USD.
Coinbase’s price has seen a significant uptick over the last six months, with a six-month price total return of 27.7%. However, the company’s stock generally trades with high price volatility, as noted by InvestingPro Tips. The company’s stock price movements are quite volatile, and analysts do not anticipate the company will be profitable this year. The company has also not been profitable over the last twelve months, and it does not pay a dividend to shareholders.
For more insights like these, consider checking out InvestingPro, which offers real-time metrics and tips for a wide range of companies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters
Crypto exchanges globally are adjusting their operations in response to the Financial Promotions (FinProm) Regime recently enforced by the U.K.’s Financial Conduct Authority (FCA). Among them, Binance launched a U.K.-specific domain on Friday, displaying only U.K.-compliant products. The new site offers services such as spot and margin trading, Binance Pay, and an NFT marketplace to retail users, excluding certain features like gift cards and referral bonuses.
To ensure adherence to the FinProm rules, Binance has partnered with Rebuildingsociety, an FCA-registered firm. Interestingly, these changes won’t affect exempt institutional or professional investors. The move came after Binance Markets Limited (BML), the U.K. subsidiary of Binance, voluntarily withdrew its registration from the FCA in June 2023 due to its inability to meet Anti-Money Laundering (AML) requirements.
Meanwhile, OKX has reduced its token offering to around 40 assets and added risk warnings on its interface while launching a U.K. account on X (formerly Twitter). Matt Sullivan, MoonPay’s deputy general counsel, acknowledged the global business challenges in complying with these rules.
In contrast, KuCoin and HTX have been flagged as “non-authorized firms” by the FCA and included in a warning list for potentially promoting services without permission. The regulatory adjustments indicate a significant shift in the crypto landscape as firms adapt to stringent financial promotion regulations.
In the midst of these changes, it is worth noting the performance of Coinbase (NASDAQ:), a leading cryptocurrency exchange. According to InvestingPro data, the company has a market cap of 18.53B USD, with a P/E ratio of -14.05. The company’s revenue for LTM2023.Q2 stands at 2580.23M USD, with a gross profit of 2190.79M USD.
Coinbase’s price has seen a significant uptick over the last six months, with a six-month price total return of 27.7%. However, the company’s stock generally trades with high price volatility, as noted by InvestingPro Tips. The company’s stock price movements are quite volatile, and analysts do not anticipate the company will be profitable this year. The company has also not been profitable over the last twelve months, and it does not pay a dividend to shareholders.
For more insights like these, consider checking out InvestingPro, which offers real-time metrics and tips for a wide range of companies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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