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Binance and OKX have both announced adjustments in the manner which their crypto operations will be conducted around the UK in order to comply with the new regime introduced by the Financial Conduct Authority (FCA). This comes in the wake of the FCA’s recently announced ‘cryptoassets task force’.
Both companies have announced that their services will now be subjected to an extensive authorization process in order to ensure compliance with the new FCA regulations. This means that UK-based customers of both companies will need to register their identity before transacting in any crypto-related activities.
In addition, Binance and OKX have also promised to take a pro-active approach in engaging the FCA when needed, such as in communicating their risk management practices, investor protection, governance and other strategic areas.
Finally, both companies have also stated that they would be providing their customers with detailed advice on the cryptoassets and potential investments they may be making. This is so as to educate their customers on the associated risks and potential benefits associated with such investments.
In the end, the new FCA regulations mean that both Binance and OKX can continue to offer their services while also adhering to the FCA’s stringent standards. This should provide peace of mind to both their existing and potential customers.