Cryptocurrency Exchanges Embrace UK Regulations: Binance Leads the Way – Coinpedia Fintech News

Cryptocurrency Exchanges Embrace UK Regulations: Binance Leads the Way – Coinpedia Fintech News

October 9, 2023

Following the launch of Binance’s UK Domain in compliance with the UK’s new Financial Promotions Rule, in recent developments, international cryptocurrency exchanges like OKX and MoonPay have also announced that they are working to comply with the new rules and regulations. 

Binance’s New Distinct UK Domain

Any UK-based users that log into Binance Web will be sent to the new UK-only domain This brand-new domain complies with the FCA’s most recent revisions to the Financial Promotions Regime. Together with Limited, this domain has been launched. 

According to the FCA’s public letter, cryptocurrency exchanges and businesses may only advertise financial (crypto) schemes through FCA “authorized persons.” 

As a result, Limited, an FCA-regulated company allowed to approve crypto marketing and communications materials in line with Section 21, has helped Binance launch its UK Domain.

To know about Binance’s specific UK Domain in detail, do not forget to check our article Binance Launches Dedicated UK Domain to Comply with FCA Regulations. 

OKX’s Announcement 

OKX, in its official website’s page of ‘Company updates’ published on October 7th, about its tireless efforts to keep up with the UK’s rules and regulations and provide uncompromised service to their UK clients. 

According to the press release from OKX, there will be some significant changes to the OKX user experience for UK users beginning on October 8 due to new laws by the UK Financial Conduct Authority. Only retail users are affected by these changes. The company has created a new user experience that complies with the guidelines outlined in the Financial Promotions Regime by the revised legislation, and they are thrilled to continue providing cryptocurrency services to UK customers.

Updates from MoonPay 

MoonPay is another popular cryptocurrency payment service that is making an effort to adhere to the new Financial Promotions Regulations. One of the significant difficulties in ensuring compliance with the laws is related to running a global corporation, according to MoonPay deputy general counsel Matt Sullivan. 

Updates from Other Crypto Firms 

According to reports, some cryptocurrency companies have had difficulty adhering to the UK’s new advertising regulations. Major cryptocurrency exchanges, including KuCoin and HTX (previously Huobi), may have been advertising their services without authorization, according to official remarks made by the FCA on October 8. The companies were named among 143 organizations deemed “non-authorized firms” and are not permitted to conduct business in the UK.

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