Binance, OKX Adjust Crypto Operations to Comply With UK FCA’s New Regime
Crypto exchange behemoth Binance has launched a dedicated domain for British users to comply with the UK Financial Conduct Authority’s (FCA) new Financial Promotions Regime, effective October 8.
With the new UK domain, – Binance.com/en-GB – the exchange will offer retail users in the UK only certain products and services that align with the latest rule change.
These include withdrawals of crypto and fiat deposits, spot and margin trading, non-fungible tokens (NFT) marketplace, Binance Pay, among other services that are approved by the financial regulator.
In an official announcement dated Oct. 6, the crypto giant said it has partnered with Rebuilding Society, a peer-to-peer lending platform, which would “approve” Binance’s marketing and communications materials.
“This partnership and new domain means that we can offer services in the UK in compliance with the updated Financial Promotions Rules.”
Other services that Binance would be terminating from offering in the country include referral bonuses, research and academy, and gift cards.
The changes have taken effect from Sunday and are applicable only to retail users, the company confirmed.
“We are pleased that our partnership with Rebuilding Society allows us to meet our regulatory commitments in the UK and provide uninterrupted service to our users.”
UK’s financial watchdog announced last month that the core crypto marketing rules including the ban on incentives like referral bonuses will come into effect from Oct. 8. “From this October, crypto firms must market to UK consumers clearly, fairly and honestly,” FCA said at the time.
OKX Reveals Changes
Following Binance, OKX exchange announced “some important changes” to its existing services on Oct. 7, including a new user experience compliant with the requirements set out in the Financial Promotions Regime.
“We have for example reduced our token offering to 40+ assets and have put in place clear and eye-catching risk warnings,” the exchange noted.
OKX also rolled out a dedicated X (Twitter) account for UK customers, publishing updates and approved products and services.
FCA’s new regime aims to make sure that users in the UK are aware of the risks and tradeoffs associated with trading crypto, which in turn brings the industry closer to fewer risks and possible regulation.
“We’re happy to follow these regulations as they fully align with our long-held commitment to responsible trading. We see it as our duty, as one of the world’s leading crypto exchanges by trading volume, to educate our customers about it.”