The UK’s Financial Conduct Authority (FCA) has taken action against the Binance-affiliated company, rebuildingsociety.com, for violating new cryptocurrency advertising rules. The FCA issued an alert, announcing that rebuildingsociety.com is prohibited from approving financial promotions for Binance and other cryptocurrency firms. This decision came just days after the FCA’s new regulations for crypto marketing came into effect and three days after the partnership between rebuildingsociety.com and Binance was announced.
The FCA specified that the company must not approve crypto advertisements for any firms and should withdraw any existing approvals for crypto promotions by 5 p.m. on October 11. rebuildingsociety.com has been given until October 13 to confirm to the FCA that it has taken steps to comply with the new regulations.
The FCA’s rules for crypto advertising require advertisements to be “clear, fair, and not misleading” and mandate that companies provide customers with a 24-hour cooling-off period to reconsider their purchases.
The FCA’s director of consumer investments, Lucy Castledine, revealed that the authority intends to monitor around 100,000 websites daily for rule violations and share the names of those firms with international regulators. She noted that a significant number of firms may struggle to meet the new requirements but did not specify any companies. Castledine also mentioned that several large overseas crypto exchanges targeting the UK have failed to engage with the FCA.
The crackdown on crypto advertising by the FCA is part of broader efforts to regulate the crypto industry, which has faced increased scrutiny and regulatory actions worldwide.
By FCCT Editorial Team
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