Cryptocurrency
exchange OKX has announced it is working to comply with new crypto asset
regulations in the United Kingdom that go into effect in a few days, on 8
January 2024. After that date, new local regulations will be enacted regarding
the marketing and promotion of cryptocurrency services.
Although
initially set to take effect in October, the local regulator extended the
deadline, giving companies more time. OKX managed at the last minute, but many
firms still have not adapted their rules.
In a
statement published on 2 January, OKX said it is “developing a new user
experience that is compliant with the requirements set out in the Financial
Promotions Regime.” The new rules, enacted by the UK’s Financial Conduct
Authority (FCA), aim to ensure crypto promotions are fair, clear, and not
misleading.
Starting 8
January, all new and existing UK OKX users will have to complete two
questionnaires – a client categorization and an appropriateness assessment. The
goal is to confirm users understand the risks involved with crypto trading.
“In
line with these new requirements, those unable to complete the questionnaires
or demonstrate a grasp of the risks will become ineligible to hold an OKX
account,” the statement said.
OKX also
reiterated its commitment to responsible trading, including educating customers
on doing research, having a trading plan, and implementing risk management …
