OKX UK Restricts Users’ Access to 40 Tokens: Details
- OKX UK has restricted its users in the region to trading around 40 cryptocurrencies.
- The changes in policy have been made in accordance with the new rules of the Financial Conduct Authority.
- The exchange has also debuted a new account on X, which will be decided to address concerns of UK users.
- Binance also unveiled a new domain for UK users on October 8 and pledged compliance with local laws.
Leading crypto exchange OKX announced that its arm in the United Kingdom will officially restrict the number of cryptocurrencies that its users are allowed to trade on the platform to 40. The decision was made to comply with the rules of the regional lawmakers, including the Financial Conduct Authority (FCA).
According to the official announcement, OKX UK decided to make significant changes to its policies, which will be applicable starting October 8. These changes will apply only to retail investors, as per the exchange, which added that investors will now be able to put their money on only 40 different digital assets.
“In compliance with the updated rules, we developed a new user experience that is compliant with the requirements set out in the Financial Promotions Regime, and we are excited to continue to offer crypto services to UK users,” said OKX UK.
In accordance with the new rules placed by the FCA, OKX UK also stated that it had “put in place clear and eye-catching risk warnings,” giving an example of the one below.
More importantly, the crypto exchange also announced that it had opened a new dedicated X (previously known as Twitter) account for our UK users, which will be focused on solving queries and addressing the concerns of the people using OKX UK in the region.
“Please keep an eye out for new and exciting content in the future. OKX_UK will publish products and services that are in compliance with the new UK regulations for our UK-based users,” said the exchange.
OKX UK also noted that it will continue to provide its services to customers in the United Kingdom while noting that many firms have quit the market due to the new regulations introduced by the FCA.
It is important to mention here that the world’s largest crypto exchange, Binance, unveiled a new domain for UK users on October 8 as a response to the updated Financial Promotions Regime. The firm has partnered with FCA-regulated firm Rebuildingsociety.com Limited, which will be responsible for overseeing its marketing in the region. Also, as reported earlier, Binance is looking to expand its presence in Japan as well.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
