In recent weeks, two of the world’s major cryptocurrency exchanges Binance and OKX have announced their plans to comply with the Financial Conduct Authority (FCA) of the U.K.'s newly implemented Financial Promotions (FinProm) Regulation. By doing so, both firms aim to ensure fair, clean, and transparent crypto promotions. Binance has already put in place a new domain exclusively for U.K. users and has formed a partnership with the local peer-to-peer lending platform Rebuildingsociety. Furthermore, from October 8, U.K. retail users have been redirected to the localized domain platform, featuring spot and margin trading, Binance Pay, Nonfungible token (NFT) marketplace, loans and others. However, in accordance with the new FCA rules, Binance will no longer be offering products such as gift cards, referral bonuses, and academy and research. The changes primarily apply to retail users in the U.K. and do not affect exempt investors like certain professional and institutional investors.

Similarly, OKX has lowered its token offering to around 40 assets and integrated eye-catching risk warnings on its interface. This risk notification is located at the top of OKX’s main page to invite investors to take a few minutes to learn more about the dangers of crypto investment. OKX has also setup an account on X (formerly known as Twitter) that mentions the products and services that will be in compliance with the new regulations in the U.K.

Among the industry firms that has been striving to comply with the FCA's promotion rules is crypto payment service MoonPay. However, according to MoonPay's deputy general counsel Matt Sullivan, one of the biggest hurdles faced by the firm is that of operating a business across the globe while ensuring complete compliance with each country's respective regulations.

In addition, it appears that some crypto firms have been struggling to keep up with the new FinProm rules in the United Kingdom. Consequently, the FCA recently issued a warning on 143 entities on October 8, comprising crypto exchanges such as KuCoin and HTX (formerly Huobi) for reportedly promoting their services without the necessary permission. The warning asks investors to avoid dealing with all the listed firms.



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