Leading cryptocurrency exchanges Binance and OKX, along with crypto payment service MoonPay, have recently taken steps to comply with the United Kingdom’s Financial Promotions (FinProm) Regime, enforced by the Financial Conduct Authority (FCA) on October 8.
Binance announced on October 6 that they have initiated measures to comply with the new UK regulations. They have introduced a dedicated domain for their UK user base and established a partnership with Rebuildingsociety, a local peer-to-peer lending platform. Binance’s UK retail users will be automatically redirected to this localized domain and will only be able to access products and services that comply with UK regulations, such as spot and margin trading, Binance Pay, an NFT marketplace, and loans. However, certain products such as gift cards, referral bonuses, and research, will no longer be available.
OKX, on the other hand, revealed their commitment to FinProm compliance on October 6. They have reduced their token offerings to around 40 assets and prominently displayed risk warnings on their platform, emphasizing the high-risk nature of crypto investments. Moreover, they have launched a dedicated UK account on the social media platform X (formerly Twitter) to keep users informed about the products and services that conform to the new UK regulations.
The FCA has added other major exchanges like KuCoin and HTX to the list of “non-authorized firms” for non-compliance. These changes are aimed at fostering transparency and fairness in promoting cryptocurrency products and services in the UK.
