In response to the UK’s updated Financial Promotions Rule, leading international cryptocurrency exchanges like OKX and MoonPay are taking steps to ensure compliance with the new rules and regulations.
Read on to learn more about the latest developments in UK crypto regulation, and what they mean for the future of crypto in the UK.
Binance Leads the Way
Binance, a major player in the crypto industry, recently launched its UK domain to adhere to the revised Financial Promotions Regime. This move paves the way for others to do the same.
UK-based Binance users will now be sent to the new domain binance.com/en-GB, which fully complies with the Financial Conduct Authority’s (FCA) latest rules. This special domain was created in partnership with Rebuildingsociety.com Limited, an FCA-regulated entity authorized to oversee crypto marketing and communications under Section 21 of the rules.
According to the FCA’s public letter, cryptocurrency exchanges and businesses may only advertise financial (crypto) schemes through FCA “authorized persons.”
Rebuildingsociety.com Limited played a vital role in helping Binance meet these rules and launch its UK domain successfully.
To get an in-depth look at Binance’s UK Domain, check out our article: Binance Launches Dedicated UK Domain to Comply with FCA Regulations.
OKX’s Announcement
OKX, another major cryptocurrency exchange, has shown its commitment to following UK regulations in an official update on October 7th. They emphasize their dedication to providing uninterrupted service to their UK customers.
According to OKX’s press release, significant changes will start for UK users on October 8th, due to new guidelines from the UK Financial Conduct Authority. These changes only affect retail users. OKX has carefully crafted a new user experience that aligns with the updated guidelines of the Financial Promotions Regime, ensuring they can keep offering cryptocurrency services to UK customers.
Updates from MoonPay
MoonPay, a widely-used cryptocurrency payment service, is also making efforts to follow the newly implemented Financial Promotions Regulations. Compliance poses unique challenges for global corporations, as noted by MoonPay’s deputy general counsel, Matt Sullivan.
Challenges for the Crypto Industry
Reports suggest that several cryptocurrency companies have struggled to comply with the UK’s strict advertising rules. Notably, major exchanges like KuCoin and HTX (formerly Huobi) may have advertised their services without proper authorization. In an announcement on October 8th, the FCA identified these companies, among 143 others, as “non-authorized firms,” prohibiting them from doing business in the UK.
Read More: Huobi and KuCoin Added to UK’s FCA Red List: What You Need to Know
