Crypto Exchanges Binance and OKX Align with UK Regulations
Crypto exchanges Binance and OKX have made changes to comply with the digital asset regulations set by the UK Financial Conduct Authority (FCA). The FCA has also added over 140 crypto exchanges, including HTX and KuCoin, to its warning list of unauthorized firms. These actions are in response to the FCA’s rules for marketing crypto-assets, which came into effect on October 8.
Streamlined Access to Compliant Binance Products, Services for UK Retail Users
Binance will now direct UK retail users to a new website that exclusively displays products and services that comply with UK regulations. These include fiat and cryptocurrency deposits and withdrawals, spot trading, margin trading, conversion services, access to the NFT marketplace, Binance Pay, crypto loans, and the Launchpad platform. However, some services like Gift Cards, Academy, Research, Binance Feed, and Referral Bonuses will no longer be available for UK retail users.
OKX Adapts, Enhances Compliance
OKX has aligned with the FCA’s Financial Promotions Regime by enhancing compliance measures for retail customers. The exchange has developed a new user experience that complies with the requirements set out in the regime. OKX will continue to offer crypto services to UK users and has streamlined its available tokens to include over 40 assets. The platform also prominently displays risk warnings to ensure users are well-informed about potential risks associated with cryptocurrency investments.
FCA Flags Over 140 ‘Non-Authorized’ Crypto Exchanges
The FCA has added 143 entities to its warning list of non-authorized firms that customers should avoid. To carry out crypto asset activities in the UK, firms must be registered with the FCA or have temporary status to operate. Failure to comply could result in enforcement actions such as being placed on the warning list and takedowns of websites, social media accounts, apps, and promotional materials that breach regulations. The FCA has approved only 38 out of 291 applications for registration since 2020.
Hot Take: UK Crypto Exchanges Adapt to Regulatory Changes
Crypto exchanges Binance and OKX are making changes to align with the regulatory requirements set by the UK Financial Conduct Authority (FCA). Binance will provide streamlined access to compliant products and services for UK retail users, while OKX enhances its compliance measures. The FCA has also added numerous crypto exchanges to its warning list of non-authorized firms. These actions demonstrate the FCA’s commitment to regulating the crypto industry and protecting consumers from potential risks. It is crucial for crypto exchanges and firms operating in the UK to comply with these regulations to avoid enforcement actions and maintain trust with customers.
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