Binance and OKX crypto exchanges have initiated operational changes to align with the UK Financial Conduct Authority’s (FCA) digital asset regulations.
These adjustments come in response to the “rules for marketing crypto-assets” outlined by the regulator in June and set to take effect today, October 8.
Binance Re-enters UK
Binance, in response to the updated Financial Promotions Regime, unveiled a new domain for UK users on October 6th. The exchange also announced a partnership with FCA-regulated firm Rebuildingsociety.com Limited, responsible for overseeing Binance’s UK marketing and communications.
The launch of the FCA-compliant website grants UK users access to a range of FCA-approved services. These services include fiat and cryptocurrency deposits, spot trading, margin trading, NFT marketplace, crypto conversion, Binance Pay, crypto loans, and Launchpad.
However, UK users can no longer access Gift Cards, Academy, Research, Binance Feed, and Referral Bonuses.
In June, the UK’s FCA introduced advertising regulations for crypto-assets. The FCA’s financial promotions rule stipulates that crypto firms must verify that their potential customers possess sufficient knowledge.
Additionally, these companies are required to prominently display risk warnings on their platforms and in their advertisements.
Around this period, Binance’s subsidiary, Binance Markets Limited (BML), canceled its registration with the regulatory authority, citing the recommendations from the body.
Meanwhile, Binance’s market share has considerably declined due to the regulatory issues it has faced across multiple jurisdictions.
Data from CCData showed that the platform’s market share recorded its lowest monthly spot volumes since October 2020.
OKX Adapts to UK Regulatory Changes
Similarly, OKX has introduced new measures aligned with the FCA’s Financial Promotions Regime, focusing on enhancing compliance. These adjustments specifically apply to retail customers.
OKX has streamlined the selection of available tokens to over 40 assets and added prominent risk warnings on their platform.
Furthermore, OKX has launched a dedicated account on social media platform X (formerly known as Twitter) tailored to its UK users.
Per the firm, this initiative reflects its commitment to upholding the FCA’s regulatory standards.
Source : BeIn Crypto / October 08, 2023