Binance and OKX Adjust their Businesses to Comply with the UK FCA’s New Rules

Updated: 09 October 2023

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Binance and OKX recently restructured their businesses to comply with the new rules that the UK’s Financial Conduct Authority (FCA) had implemented.

The regulator introduced the new rules in June of this year, and they officially took effect yesterday, October 8.

Binance Launches a Separate Platform for UK Customers

In response to the new requirements, Binance launched a new domain for UK users two days before, on October 6. The latest Binance UK branch also teamed up with Rebuildingsociety.com, a UK-based, FCA-regulated company that will be in charge of overseeing the exchange’s communications and marketing.

The new platform grants UK users access to several Binance’s services, all previously approved by the FCA. This includes crypto and fiat deposits, spot and margin trading, crypto conversions, loans, an NFT marketplace, and Binance Pay and Binance Launchpad access.

However, some of the exchange’s services will not be allowed in the country, such as Binance Academy, Research, Binance Feed, Gift Cards, and Referral Bonuses, as these services are not permitted by the new rules, according to Binance’s announcement.

Because the exchange has been facing regulatory scrutiny in multiple jurisdictions worldwide, Binance is now putting in additional effort to ensure regulatory compliance and access to profitable markets through it.

The exchange’s market share has dropped considerably since it was forced to leave several regions due to not being compliant with the local rules.

OKX Introduced its Changes

Like Binance, OKX also introduced several new measures to ensure that its business runs by the FCA’s new rules. The adjustments introduced by the platform primarily apply to retail customers, which the FCA sought to protect with its Financial Promotions Regime.

Starting Oct 8, we will implement changes due to new UK Financial Conduct Authority regulations.

The updates ensure compliance with the Financial Promotions Regime for retail users. #OKX will continue to provide crypto services to our UK clients.https://t.co/g3kBL7Yo50

— OKX UK (@okx_uk) October 8, 2023

The exchange now offers a selection of over 40 different coins and tokens, and it added a risk warning to its platform, as it is required to do by the rules.

OKX also rolled out an account on X where UK users can reach out and keep an eye out for updates and changes, important announcements, and likes. The firm noted that the move reflects its commitment to respecting the FCA’s rules and upholding its regulatory standards.

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