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- Leading cryptocurrency exchange Binance and OKX to restructure their operations patterns, after UK FCA updates regulatory policies.
- The newly outlined policies shared by the UK Conduct Authority’s (FCA) digital asset regulations took effect on the 8th of October.
Two leading cryptocurrency exchanges have restructured their operations to accommodate the UK Conduct Authority’s (FCA) digital asset regulations.
Both exchanges, Binance and OKX, are leading cryptocurrency exchanges that have been on the rocky side of the law on different occasions. In a bid to meet regulatory expectations, both exchanges will be tweaking their existing structure to meet recently updated regulatory policies.
The new development comes not long after the regulatory body laid out its rules for marketing cryptocurrency assets back in June. These rules are expected to take effect on the 8th of October.
In response to the update, Binance published an official announcement, detailing the steps it is taking to align with these requirements. The leading crypto exchange disclosed that has partnered with an FCA-regulated organization. Binance also went on to launch a new domain for its users based in the United Kingdom. The announcement read.
In compliance with the updated Financial Promotions Regime, Binance has launched a new domain for UK users and partnered with Rebuildingsociety.com Limited which will approve Binance’s marketing and communications materials.
The Rebuildingsociety platform is an FCA-regulated firm that is authorized to approve crypto marketing and communications materials as an ‘S21 approver’.
The new partnership and new domain means that Binance can offer services in the UK in compliance with the updated Financial Promotions Rules.
Henceforth, UK retails will be redirected to a section of the official website, that will only show Binance products and services.
Product access to UK-based OKX and Binance users is now limited
These products will be limited to a select few that comply with UK regulations, which include Spot Trading, Margin Trading, Convert, NFT marketplace, Binance Pay, Crypto Loans, and Launchpad.
On the flip side, Binance’s compliance with the Financial Promotions Regime means that certain products will no longer be available to UK retail users. These products include Gift Cards, Binance Academy, Research, Feed
and Referral bonuses.
Similarly, the OKX exchange has made some changes to its user experience. The exchange wrote in an official announcement:
In compliance with the updated rules, we developed a new user experience that is compliant with the requirements set out in the Financial Promotions Regime, and we are excited to continue to offer crypto services to UK users.
The token offering has been reduced to 40+ assets. An eye-catching risk warning has also been added to the token feed.
The exchange also launched an X account dedicated to its UK-based users. The exchange will publish products and services that comply with the new UK regulations for our UK-based users on the platform.
