- Binance and OKX have introduced localized domains and scaled-down products to comply with the FCA’s FinProm rules.
- The FCA has added other major exchanges, including KuCoin and HTX, to its list of ‘non-authorized entities’.
- In addition to cryptocurrency exchanges, cryptocurrency payment company MoonPay also complied with the new regulations.
Leading cryptocurrency exchanges Binance and OKX, along with cryptocurrency payment service MoonPay, have taken significant steps to comply with the UK’s latest FinProm scheme, which was implemented by the Financial Conduct Authority (FCA) on October 8. .
These regulatory changes in the UK aim to create transparency and fairness in the promotion of cryptocurrency products and services in the UK. While some companies such as Binance, OKX, and MoonPay have complied with the new regulations, 143 other organizations have been added to the non-compliance warning list, including Huobi, now known as HTX and KuCoin.
Binance’s Compliance Efforts
Binance, one of the world’s largest cryptocurrency exchanges, announced on October 6 that it had begun taking steps to comply with the new UK regulations. In line with FCA requirements, Binance introduced a dedicated domain for its UK user base and established a partnership with local P2P lending platform Rebuildingsociety.
Starting October 8, 2023, UK retail users of Binance will automatically be redirected to this localized domain. This domain will exclusively showcase UK-compliant Binance products and services, including spot and margin trading, Binance Pay, NFT marketplace, and lending.
Specifically, Binance will stop offering certain products such as gift cards, referral bonuses, and research in compliance with new FCA regulations. It is important to note that these changes only affect retail users in the UK and do not affect institutional and professional investors who are exempt under FinProm regulations.
OKX accepts new UK regulations
Similarly, on October 6, OKX, another popular cryptocurrency exchange, disclosed its commitment to FinProm compliance.
OKX has streamlined its token offering to approximately 40 assets to meet the FCA’s requirements. Moreover, they have prominently displayed eye-catching risk warnings on their platforms, emphasizing the high-risk nature of cryptocurrency investments. This warning is prominently displayed at the top of the OKX main page, urging investors to consider the potential loss of their invested capital.
To increase transparency, OKX has also opened a dedicated UK account on social media platform X (formerly Twitter). Through this account, the exchange will keep users informed about products and services that comply with new UK regulations, ensuring investors are well-informed about the risks associated with cryptocurrency investments.