Cryptocurrency exchanges like Binance and OKX are navigating stringent UK regulatory changes to ensure their survival. Binance recently introduced a UK-specific domain that complies with the Financial Promotions (FinProm) Regime. This domain only offers services and products approved for the UK, excluding those that don’t meet regulatory standards, such as gift cards and referral bonuses.
Meanwhile, OKX has made product and advertising updates, delisted certain tokens, issued new risk warnings, and established a UK-target account on the social channel X. These changes come as the UK Financial Conduct Authority (FCA) updates the FinProm Regime to protect consumers and maintain market fairness. Firms promoting crypto assets to UK consumers must obtain FCA authorization or an exemption.
Notably, the FCA has listed 143 non-authorized crypto-related firms, including HBT (formerly Huobi) and KuCoin, warning consumers to exercise caution. The FCA’s Jayson Probin, FCA Crypto Financial Promotions Lead, emphasized potential criminal charges against unapproved entities.
These regulatory pressures are not unique to the UK, as other exchanges like Bybit have faced similar challenges. Binance’s compliance efforts also come amid legal disputes with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Binance.US of violating securities laws.
By FCCT Editorial Team
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