<p>Binance and OKX modify operations to align with UK’s new crypto financial promotion rules.</p> 
<p>&nbsp;</p> 
<h2 style="text-align: center;" id="strong-binance-s-compliance-with-uk-fca-s-new-regime-strong"><strong>Binance’s Compliance with UK FCA’s New Regime</strong></h2> 
<p>&nbsp;</p> 
<p>Binance, a leading crypto exchange, has introduced a special domain for UK users. This move aligns with the UK Financial Conduct Authority’s (FCA) new Financial Promotions Regime, which started on October 8. The domain, Binance.com/en-GB, will showcase only those services and products that fit the new rules. This includes crypto withdrawals, fiat deposits, spot trading, margin trading, the non-fungible tokens (NFT) marketplace, and Binance Pay.</p> 
<p>On October 6, Binance announced its collaboration with Rebuilding Society, a lending platform. This partnership will help Binance ensure its marketing materials meet the required standards. However, Binance will stop offering some services like referral bonuses, gift cards, and its research and academy sections.</p> 
<p>&nbsp;</p> 
<h2 style="text-align: center;" id="strong-fca-s-stance-on-crypto-marketing-strong"><strong>FCA’s Stance on Crypto Marketing</strong></h2> 
<p>Last month, the UK’s financial watchdog clarified its position on crypto marketing. From October 8, crypto companies must be transparent and fair when marketing to UK consumers. This includes a ban on incentives like referral bonuses.</p> 
<p>&nbsp;</p> 
<h2 style="text-align: center;" id="strong-okx-s-changes-in-line-with-new-rules-strong"><strong>OKX’s Changes in Line with New Rules</strong></h2> 
<p>Following Binance’s lead, OKX, another exchange, revealed <a href="https://blockworks.co/news/okx-uk-marketing-fca-compliance">changes on October 7</a>. These changes make OKX’s services align with the Financial Promotions Regime. OKX has limited its token offerings and added clear risk warnings for users. They’ve also created a dedicated account on X (previously known as Twitter) for UK customers. This account will share updates and approved services.</p> 
<p>&nbsp;</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw">#OKX</a> Delisting ALERT 🔴</p> 
 <p>We will delist several spot trading pairs that do not fulfill our listing criteria from 8:00 am on Oct 16 (UTC) onwards:</p> 
 <p>⛔ KOL/USDT<br> ⛔ GM/USDT<br> ⛔ SRM/USDT</p> 
 <p>&amp; more ⤵️<a href="https://t.co/45v95PvjoO">https://t.co/45v95PvjoO</a> <a href="https://t.co/teoyGJwZpq">pic.twitter.com/teoyGJwZpq</a></p> 
 <p>— OKX (@okx) <a href="https://twitter.com/okx/status/1711324712318496778?ref_src=twsrc%5Etfw">October 9, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="strong-objective-of-fca-s-new-regime-strong"><strong>Objective of FCA’s New Regime</strong></h2> 
<p>The FCA’s new rules aim to educate UK users about the potential risks of crypto trading. This is a step towards reducing risks in the industry and possibly introducing more regulations. Both Binance and OKX support these regulations, emphasizing their commitment to responsible trading.</p> 
<p>&nbsp;</p> 
<h2 style="text-align: center;" id="strong-other-crypto-firms-and-the-new-rules-strong"><strong>Other Crypto Firms and the New Rules</strong></h2> 
<p>Apart from Binance and OKX, other crypto firms like MoonPay are also working to meet the UK’s new promotion rules. MoonPay’s deputy general counsel, Matt Sullivan, mentioned the challenges of adhering to these rules while operating globally. Compliance requires updates, new processes, and company-wide education. There might be an adjustment period as companies get used to these rules.</p> 
<p>&nbsp;</p> 
<h2 style="text-align: center;" id="strong-challenges-faced-by-some-crypto-firms-strong"><strong>Challenges Faced by Some Crypto Firms</strong></h2> 
<p>Some crypto companies have found it tough to adjust to the UK’s new rules. On October 8, the FCA listed some major exchanges like KuCoin and HTX (previously Huobi) as “non-authorized firms.” These companies might have been marketing their services without the necessary permissions. The FCA advises avoiding transactions with these firms.</p> 
<p>In summary, major crypto exchanges like Binance and OKX are making changes to comply with the UK’s new financial promotion regulations. These rules aim to protect consumers and bring transparency to the crypto industry.</p> 
<p>&nbsp;</p>

Binance and OKX Adapt to UK’s New Financial Rules

Table of Contents

WalletInvestor

Other articles published on Oct 9, 2023

Uptober Crypto Prices Phenomenon: Historical Trends Meet Market Speculation

Ripple v. SEC case update as of October 9, 2023

Shiba Inu Lead Dev Hints at Price Catalyst Amid User's Frustration

Bancor’s BNT Soars with Strong Rally: What’s Behind the Surge?

Ex-OpenSea exec accused of pump & dump, $60m rug pull

TG.Casino Token Presale Passes $500k Milestone with Upcoming Telegram-Powered Platform

Join our free newsletter for daily crypto updates!