Major Cryptocurrency Exchanges and Firms Take Steps to Comply with UK’s New Financial Promotion Rules

by Oct 9, 2023CryptoNews0 comments

Binance, OKX, and MoonPay are taking steps to comply with the new financial promotion regulations in the United Kingdom. The Financial Conduct Authority (FCA) of the U.K. introduced the Financial Promotions (FinProm) Regime on October 8th, with the aim of ensuring fair, transparent, and clean promotions in the cryptocurrency sector.

Binance has announced the launch of a new domain for U.K. users and has partnered with the local peer-to-peer lending platform Rebuildingsociety. As part of the compliance update, Binance’s U.K. retail users will be redirected to this localized domain starting from October 8th. This domain will only display Binance products and services that comply with U.K. regulations, such as spot and margin trading, Binance Pay, non-fungible token (NFT) marketplace, and loans. However, in adherence to the new FCA rules, Binance will cease offering products like gift cards, referral bonuses, academy, and research.

OKX has also issued a statement on its compliance with FinProm regulations. The exchange has reduced its token offering to around 40 assets and added prominent risk warnings on its interface to alert investors to the high-risk nature of crypto investments.

MoonPay, a crypto payment service, is also working on compliance with the new regulations. Matt Sullivan, Deputy General Counsel at MoonPay, mentioned the challenges of ensuring compliance, especially for a global business like theirs.

Some cryptocurrency firms, including KuCoin and HTX (formerly Huobi), have faced difficulties in complying with the new promotion rules in the UK and have been listed by the FCA as “non-authorized firms” that cannot operate in the United Kingdom. These firms were among 143 entities added to the warning list by the FCA.

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