Signage for the Financial Conduct Authority (FCA), the Britain's financial regulatory body, is seen at their head offices in London, Britain March 10, 2022.
REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 10 (Reuters) - Britain's financial regulator on Tuesday said it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other crypto asset firms, days after Binance announced it had partnered with the company.
A Binance spokesperson via email on Tuesday said that the company had invested "an enormous amount of time and resources" in ensuring that it is compliant with the Financial Conduct Authority's rules.
"We shared our agreement with Rebuildingsociety.com with the FCA on Oct. 2, almost a full week before the requirements of the updated Financial Promotions Regime came into effect," the Binance spokesperson said.
Under the FCA's rules, a firm it has authorised can approve promotions of companies it does not regulate, a system that is being tightened from February by the watchdog.
Persons:
Toby Melville, Binance, Elizabeth Howcroft, Huw Jones, Mark Porter
Organizations:
Financial, Authority, REUTERS, FCA, Rebuildingsociety.com, Thomson
Locations:
London, Britain, cryptoassets, Leeds, UK