Leading cryptocurrency exchanges Binance and OKX, as well as crypto payment service MoonPay, have taken significant steps to comply with the United Kingdom’s latest Financial Promotions (FinProm) Regime. These new regulations, enforced by the Financial Conduct Authority (FCA) on October 8, aim to promote transparency and fairness in the promotion of cryptocurrency products and services in the UK.

In response to the new regulations, Binance has launched a dedicated domain for its UK users and partnered with Rebuildingsociety, a local peer-to-peer lending platform. Starting from October 8, 2023, UK retail users of Binance will be automatically redirected to this localized domain, which exclusively showcases Binance products and services that comply with UK regulations. Binance will also cease offering certain products like gift cards and referral bonuses to align with the FCA rules.

Similarly, OKX has streamlined its token offerings to around 40 assets and prominently displayed risk warnings on its platform, emphasizing the high-risk nature of crypto investments. OKX has also launched a dedicated UK account on the social media platform X to keep users informed about products and services that conform to the new UK regulations.

MoonPay, a crypto money payment company, has also complied with the new regulations in the UK.

While Binance, OKX, and MoonPay have taken steps to comply with the new regulations, other organizations like Huobi and KuCoin have been added to the warning list for non-compliance.

FAQs

What are the new Financial Promotions (FinProm) rules in the UK?

The Financial Promotions (FinProm) Regime, enforced by the Financial Conduct Authority (FCA), aims to promote transparency and fairness in the promotion of cryptocurrency products and services in the UK.

Which cryptocurrency exchanges have complied with the new regulations?

Binance and OKX have introduced localized domains and adjusted their offerings to comply with the UK’s new financial promotion rules. MoonPay, a crypto money payment company, has also complied with the new regulations.

Which organizations have been added to the warning list for non-compliance?

Organizations like Huobi and KuCoin have been added to the warning list for non-compliance with the UK’s new financial promotion rules.

How has Binance complied with the new regulations?

Binance has launched a dedicated domain for its UK users and partnered with Rebuildingsociety, a local peer-to-peer lending platform. Binance has also ceased offering certain products like gift cards and referral bonuses to align with the new regulations.

How has OKX complied with the new regulations?

OKX has streamlined its token offerings to around 40 assets and prominently displayed risk warnings on its platform. OKX has also launched a dedicated UK account on the social media platform X to keep users informed about products and services that conform to the new regulations.