Binance Re-enters UK
Binance, one of the largest crypto exchanges, has made operational changes in response to the UK Financial Conduct Authority’s (FCA) regulations for digital assets. To comply with the new rules for marketing crypto-assets, Binance has launched a new domain specifically for UK users. The exchange has also partnered with a FCA-regulated firm, Rebuildingsociety.com Limited, to oversee its UK marketing and communications.
The new FCA-compliant website allows UK users to access various services approved by the regulator. These services include fiat and cryptocurrency deposits, spot trading, margin trading, NFT marketplace, crypto conversion, Binance Pay, crypto loans, and Launchpad. However, some features like Gift Cards, Academy, Research, Binance Feed, and Referral Bonuses are no longer available to UK users.
In June, the FCA introduced advertising regulations for crypto-assets that require companies to verify their potential customers’ knowledge and prominently display risk warnings. Binance’s subsidiary had previously canceled its registration with the FCA due to these recommendations.
Binance has faced regulatory issues in multiple jurisdictions, resulting in a significant decline in its market share. According to CCData, the platform’s market share reached its lowest monthly spot volumes since October 2020.
OKX Adapts to UK Regulatory Changes
Similarly, OKX, another major crypto exchange, has implemented measures to comply with the FCA’s Financial Promotions Regime. These changes focus on enhancing compliance for retail customers. OKX has streamlined its selection of available tokens to over 40 assets and added prominent risk warnings on its platform.
Additionally, OKX has created a dedicated social media account on X (formerly known as Twitter) specifically for its UK users. This initiative demonstrates the exchange’s commitment to upholding the FCA’s regulatory standards.
Hot Take: Crypto Exchanges Adjust to UK Regulations
Binance and OKX have made operational changes to comply with the FCA’s digital asset regulations in the UK. Binance has re-entered the UK market by launching a new domain and partnering with a regulated firm for marketing and communications oversight. The FCA-compliant website offers various services while excluding certain features.
On the other hand, OKX has adjusted its platform to align with the FCA’s Financial Promotions Regime, focusing on compliance for retail customers. The exchange has also established a dedicated social media account for UK users.
These adaptations reflect the challenges faced by crypto exchanges in navigating regulatory frameworks, with Binance experiencing a decline in market share due to regulatory issues across multiple jurisdictions.
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