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 <p class="is-style-lead">In response to new rules by the Financial Conduct Authority (FCA), OKX announced changes to its services for U.K. users, including offering 40 <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s.</p>
 <p>Seychelles-based crypto exchange OKX has responded to strict new rules regulating the advertising of cryptocurrencies in the U.K. by significantly changing its services and offerings for customers in the country.</p>
 <p>In an Oct. 8 update on its website, OKX stated that it had tailored a compliant user experience in line with the FCA’s new crypto promotion rules.&nbsp;</p>
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    <p lang="en" dir="ltr">Starting Oct 8, we will implement changes due to new UK Financial Conduct Authority <a rel="noopener noreferrer nofollow" title="regulations" href="https://thebittimes.com/tag/regulations.html">regulations</a>. <br><br>The updates ensure compliance with the Financial Promotions Regime for retail users. #OKX will continue to provide <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> services to our UK clients.https://t.co/g3kBL7Yo50</p>— OKX UK (@okx_uk) October 8, 2023
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 <p>According to the exchange, one of the major changes it is making is reducing its token offering to slightly more than 40 cryptocurrencies.</p>
 <p>It will also now implement striking risk warnings, cautioning potential customers about the possible pitfalls of investing in crypto.</p>
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 <p>Moreover, OKX will launch a dedicated X account, OKX_UK, specifically for its U.K. users, where it expects to share content consistent with the new regulations.</p>
 <p>On Oct. 7, reports emerged that the FCA would roll out new rules demanding businesses offering crypto-related services to openly communicate any associated risks in their promotional materials.</p>
 <p>Per the reports, the requirements extend across all communication channels, including websites, mobile apps, and social media. Furthermore, such platforms must have authorization from the FCA.</p>
 <p>Regardless of their geographical headquarters, these rules will apply to all firms promoting digital assets in the U.K.&nbsp;</p>
 <p>Lucy Castledine, the Director of Consumer Investments at the FCA, highlighted that the rules will broaden the supervisory purview over crypto-service providers, and any infractions will be monitored hourly.</p>
 <p>Some <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms, including Bybit and Luno, have exited the U.K. market following the announcement of the <a rel="noopener noreferrer nofollow" title="regulations" href="https://thebittimes.com/tag/regulations.html">regulations</a>. But OKX seems to have chosen the path of compliance.&nbsp;</p>
 <p>Similarly, Binance CEO Changpeng Zhao announced days earlier that his firm had launched a U.K. domain in partnership with Rebuildingsociety.com, an FCA-regulated crypto marketing company, to offer services in the U.K. that are compliant with the new regulations.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/okx-reacts-to-new-uk-crypto-regulations-reduces-listed-tokens-tbt65554.html">https://thebittimes.com/okx-reacts-to-new-uk-crypto-regulations-reduces-listed-tokens-tbt65554.html</a></p>

OKX reacts to new UK crypto regulations, reduces listed tokens

TheBitTimes

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