Crypto Exchanges Binance and OKX Comply with UK Rules for Fair Promotions

BySamson Ononeme

Oct 9, 2023 , ,
Crypto Exchanges Binance and OKX Comply with UK Rules for Fair Promotions

Key Insights

  • Cryptocurrency exchanges like Binance and OKX are taking steps to comply with new financial promotion regulations in the United Kingdom to ensure transparent and fair crypto promotions.
  • Binance has launched a dedicated U.K. domain and partnered with a local lending platform, while OKX has reduced its token offerings.
  • Some crypto firms, including KuCoin and HTX, have faced challenges complying with the new rules,

In response to newly implemented financial promotion regulations in the United Kingdom, major global cryptocurrency exchanges, including Binance and OKX, are taking steps to ensure compliance and transparency in their operations.

The U.K. Financial Conduct Authority (FCA) introduced the Financial Promotions (FinProm) Regime on October 8th, aiming to instill fairness and transparency in cryptocurrency promotions.

Binance and OKX Lead Compliance Efforts

In line with these regulations, Binance, one of the world’s largest cryptocurrency exchanges, announced on October 6th that it had created a dedicated domain for its U.K. users.

In partnership with the local peer-to-peer lending platform Rebuildingsociety, Binance’s U.K. retail users will be redirected to this localized domain starting from October 8th. This domain will exclusively showcase Binance products and services that comply with U.K. regulations, such as spot and margin trading, Binance Pay, its nonfungible token (NFT) marketplace, loans, and more.

However, certain offerings, including gift cards, referral bonuses, academy, and research, will be discontinued to adhere to the new FCA rules. It’s important to note that these changes solely apply to retail users in the U.K. and will not affect users exempted under the new FinProm rules, such as specific institutional and professional investors.

Similarly, OKX, another prominent cryptocurrency exchange, released a statement on October 6th detailing its compliance efforts with the FinProm regulations. OKX has streamlined its token offerings to around 40 assets and prominently displays risk warnings on its interface. These warnings are strategically placed at the top of OKX’s main page, cautioning investors about the high-risk nature of crypto investments and the potential loss of invested funds.

Additionally, OKX has established a dedicated U.K. social media account to communicate which products and services will align with the new U.K. regulations, enhancing transparency and accessibility for users.

MoonPay Embrace Transparency

MoonPay, a crypto payment service, is also diligently working to align itself with the FinProm rules. According to Matt Sullivan, Deputy General Counsel at MoonPay, one of the primary challenges in achieving compliance is reconciling these rules with the operational scope of a global business.

He emphasizes the need for localized product updates, the implementation of new processes and policies, and company-wide education to ensure compliance. Sullivan anticipates an initial adjustment period as the application of certain rules may evolve over time.

However, not all crypto firms have found it easy to comply with the new promotion rules. The FCA revealed on October 8th that several firms, including KuCoin and HTX (formerly Huobi), may have been promoting their services without proper authorization. These entities were among 143 listed as “non-authorized firms,” barred from operating in the United Kingdom, with the FCA warning individuals to avoid dealing with them.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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