Crypto Exchanges Adapt to UK's New Financial Promotion Rules
Adekunle Joshua
Major global crypto exchanges like Binance and OKX are adapting to comply with the United Kingdom's new Financial Promotions (FinProm) Regime, enforced by the Financial Conduct Authority (FCA)
The FinProm Regime aims to ensure fair, clean, and transparent crypto promotions, promoting a more responsible approach to crypto advertising
Binance announced its partnership with UK peer-to-peer lending platform Rebuildingsociety and the launch of a new domain for UK users
In compliance with the FCA's rules, Binance will redirect UK retail users to a localized domain starting from Oct. 8, displaying only products and services permitted by UK regulations
Binance will cease offering products like gift cards, referral bonuses, academy, and research in line with the new FCA guidelines. These changes apply to UK retail users only
OKX also addressed FinProm compliance on Oct. 6, reducing its token offering to around 40 assets and adding prominent risk warnings on its interface
OKX's warnings remind investors of the high risks associated with crypto investment and the possibility of losing all invested funds
Crypto payment service MoonPay is also striving to comply with the new FinProm rules, acknowledging the challenges of global operations while ensuring compliance with UK-specific regulations