Binance and OKX Comply with UK Financial Promotions Rules

Two major global cryptocurrency exchanges, Binance and OKX, have announced their efforts to comply with new financial promotion regulations in the United Kingdom.

Binance Launches UK Domain and Partners with Rebuildingsociety

Binance, one of the largest cryptocurrency exchanges, revealed on October 6th that it has launched a new domain specifically for UK users. In compliance with the new regulations, Binance's retail users in the UK will be redirected to this localized domain starting from October 8th. The domain will only display Binance's products and services that are permitted under UK regulations, including spot and margin trading, Binance Pay, nonfungible token (NFT) marketplace, loans, and more. As a part of this update, Binance will discontinue offering products like gift cards, referral bonuses, gift cards, academy, and research.

OKX Adopts Risk Warnings and Creates UK Account on X

OKX, another major cryptocurrency exchange, also released a statement on October 6th regarding its compliance with the new regulations. The exchange has reduced its token offering to around 40 assets and implemented eye-catching risk warnings on its platform. One of these warnings can be found at the top of OKX's main page, prompting investors to take a few minutes to learn more about the risks associated with crypto investment. Additionally, OKX has established a dedicated UK account on X (formerly Twitter), where it will mention the products and services compliant with the new UK regulations.

Challenges of Global Compliance

Crypto payment service MoonPay is also working to comply with the new financial promotion rules. According to MoonPay's deputy general counsel, Matt Sullivan, one of the biggest challenges in ensuring compliance is operating a global business. In a statement to Cointelegraph, Sullivan said, "The challenge arises in ensuring compliance with all of these new requirements in the UK while operating across the globe."

KuCoin and HTX Face Consequences for Non-compliance

Some crypto firms, including KuCoin and HTX (formerly Huobi), have appeared to struggle with complying with the new promotion rules in the UK. The Financial Conduct Authority (FCA) stated on October 8th that these firms might have been promoting their services without permission and listed them among 143 entities described as "non-authorized firms" that are not allowed to operate in the UK. The FCA warning list advises individuals to avoid dealing with these firms.

Note: This article is for informational purposes only and should not be taken as financial or investment advice. Please conduct your own research before engaging in any cryptocurrency-related activities.