✔️ Information reviewed and updated in May 2024 by Eduardo López
Binance Adjusts Operations to Comply with New UK Rules
Binance, the global cryptocurrency exchange giant, has announced significant changes to its operations in order to adapt to recent financial regulations in the United Kingdom. In a statement posted on its official blog, Binance has revealed its new exclusive domain for British users as part of its efforts to comply with the guidelines set by the UK Financial Conduct Authority (FCA).
Binance Adapts to UK Financial Regulations
Binance's statement confirms that the new UK domain will be used to offer local retail users a specific selection of permitted products and services in accordance with the country's latest regulations. This will include spot and margin cryptocurrency trading, Binance Pay, the non-fungible token (NFT) marketplace, lending, and other related services. However, some services will be suspended, such as referral bonuses, research and academia, and gift cards for British customers, starting this month.
OKX and Other Exchanges Also Implement Changes
Binance is not the only cryptocurrency platform that has been forced to make adjustments to its operations due to new UK regulations. OKX, another major digital currency exchange, has also announced “significant changes” to its asset offering and has incorporated risk warnings into its interface to comply with the latest regulations. These warnings highlight the risks associated with investing in cryptocurrencies and underscore the importance of being prepared to lose your investment.
The FCA Updates its List of Unauthorized Firms
As new financial promotion rules come into effect in the UK, the Financial Conduct Authority has been working on updating its warning list of unauthorized firms. This list is intended to alert investors about investment companies and websites to avoid. Recently, more than 140 entities were added to this list, including well-known cryptocurrency exchanges such as HTX (formerly Huobi) and KuCoin. The FCA emphasizes that most financial firms in the UK must be authorized or registered by them, and continues to warn against firms operating without their authorisation.
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