OKX will test UK users to comply with FCA promotional rules

Crypto speech OKX announced connected Jan. 2 that it volition present caller requirements to comply with rules from the U.K. Financial Conduct Authority (FCA).

OKX said that, starting connected Jan. 8, users successful the U.K. volition request to implicit 2 questionnaires. The archetypal questionnaire volition guarantee that users are alert of crypto concern risks and volition classify users’ capitalist profiles. The 2nd volition inquire a bid of questions astir crypto investing successful bid to find that users person cognition and acquisition of definite topics and an knowing of risks.

OKX volition necessitate answers from some caller users and existent users, but lone those who are located successful the United Kingdom. Users who bash not successfully implicit the questionnaires volition not beryllium capable to clasp an OKX account.

OKX is among the largest exchanges by regular trading volume. The institution reported a 24-hour trading measurement of $3.6 cardinal connected Jan. 2.

Policy volition comply with FCA rules

OKX explicitly stated that the caller process volition guarantee compliance with the FCA’s Financial Promotions Regime. Though those rules came into effect successful October 2023, the FCA allowed definite firms to use to widen their compliance deadline to Jan. 8. OKX seemingly took vantage of that extension.

OKX’s existent announcement besides includes a disclaimer based connected the FCA’s suggested hazard warning. That conception tells users not to put successful crypto unless they are prepared to suffer their full investment, says that customers should not expect protection, and says that cryptocurrency is unregulated successful the U.K.

The Financial Times reported successful October that OKX and its rival Coinbase had partnered with a steadfast called Archax to person their promotions approved.

Other firms providing crypto services person alternatively reduced their U.K. services either connected a impermanent oregon indefinite basis. Those that person done truthful see Binance, PayPal, Bybit, Nicehash, Revolut and Luno. Some firms, specified arsenic HTX and KuCoin and Poloniex, person been placed connected the FCA’s informing list.

The station OKX volition trial UK users to comply with FCA promotional rules appeared archetypal connected CryptoSlate.