OKX UK has implemented significant service changes for its users in the United Kingdom in response to the updated financial regulations issued by the UK Financial Conduct Authority (FCA).
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OKX UK to Modify Services for Retail Users
According to an official announcement, the modifications will exclusively impact retail users and are aimed at ensuring adherence to the Financial Promotions Regime. This move is a response to the regulations introduced by the FCA in June, which pertain to the establishment of marketing practices that are ‘clear, fair, and not misleading.
Limitations on Availability of Tokens
In particular, starting from October 8, 2023, the prominent cryptocurrency exchange based in Seychelles will limit the variety of tokens accessible to British retail users. They will narrow their selection to approximately 40 tokens, which will include well-known cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tether (USDT), and USD Coin (USDC).Â
In order to comply with the FCA’s regulations and encourage responsible trading practices, OKX UK will incorporate prominent and explicit risk warnings to alert users to the potential risks associated with engaging in cryptocurrency trading.Â
OKX Debuts a Dedicated X Account
The exchange has additionally launched a dedicated Twitter account, OKX_UK, aimed at keeping UK users updated on products and services that adhere to the new UK regulations. This initiative underscores the exchange’s dedication to its customer base in the UK.Â
While several exchanges are departing from the UK due to regulatory changes, OKX UK continues its unwavering dedication to serving its clients in the United Kingdom.Â
Recently, Bybit made a notable announcement stating its intention to discontinue its services in the UK, citing ‘regulatory changes’ as the reason, which can be attributed to the actions taken by the Financial Conduct Authority (FCA).
Expansion of Operations
Significantly, OKX has captured attention with its bold expansion into the Indian market, a strategic move that comes despite the prevailing regulatory ambiguities and hurdles within India’s cryptocurrency landscape. In addition, OKX and Circle, the issuer of USDC, made a joint announcement about their new partnership just last month.
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