Crypto firms like Binance, OKX, and MoonPay are working to follow the United Kingdom’s new financial promotion regulations.
The UK’s Financial Conduct Authority (FCA) introduced these regulations on October 8 to ensure that crypto promotions are fair, transparent, and clean.
Binance has launched a new domain for UK users and partnered with a local lending platform called Rebuildingsociety. Starting from October 8, UK retail users on Binance will be redirected to a localized domain that only displays products and services permitted under UK regulations. Some products like gift cards and referral bonuses will no longer be offered in compliance with the new FCA rules.
OKX has also made changes to comply with FinProm regulations. They have reduced their token offerings, added risk warnings, and launched a dedicated UK account on X (formerly Twitter).
MoonPay is another firm working to comply with the new rules. Their deputy general counsel, Matt Sullivan, mentioned the challenge of ensuring compliance while operating globally.
Some crypto firms, including KuCoin and HTX (formerly Huobi), have struggled to comply with the new rules and were listed among “non-authorized firms” by the FCA, preventing them from operating in the UK.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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