TL;DR
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The U.K. Financial Conduct Authority (FCA) just dropped the hammer with their new Financial Promotions Regime for crypto outfits on Oct. 8.
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So how do they comply with the new requirements (which will essentially restrict their product offerings) without it affecting their broader global business? A bunch of ways! (explained below).
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It’s not perfect, and their strategy will surely need to be refined over the coming months – but for now, we’ll take it.
Full Story
Crypto is the same, worldwide. The way it’s regulated is not.
Case in point: the U.K. Financial Conduct Authority (FCA) just dropped the hammer with their new Financial Promotions Regime for crypto outfits on Oct. 8.
Translation: no more free-wheelin’ crypto promos until you pass their inspection.
They want crypto promotions that are as clean as your grandma’s Sunday best, as fair as a coin toss, and as transparent as the invisible hand of the market.
And honestly, we’re all for it!
…but we also realize how big of an undertaking this is going to be for crypto companies operating in the U.K.
So how do they comply with the new requirements (which will essentially restrict their product offerings) without it affecting their broader global business?
A bunch of ways! For example:
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Binance created a new localized domain name which will only show Binance products and services that are permitted in the U.K.
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OKX reduced its token offering to around 40 assets and adopted eye-catching risk warnings on its interface.
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OKX launched a dedicated U.K. account on Twitter/X promising to only mention the products and services that comply with new U.K. regulations.
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Coinbase and OKX have partnered with Archax, a regulated entity that authorizes promotions on behalf of other crypto companies.
It’s not perfect, and their strategy will surely need to be refined over the coming months.
But for now – it’ll do!