Binance, OKX Adjust Crypto Operations to Comply With UK FCA’s New Regime
Leading cryptocurrency exchanges Binance and OKEx have announced changes to their services to comply with the U.K. Financial Conduct Authority’s new regulations.
The FCA has recently implemented new regulations that require licensed firms to not provide services to customers in certain jurisdictions unless these customers are in the U.K. or EEA. In a statement, Binance said it had revised its user agreement and policies to comply with the new regime. It acknowledged that it would not support customers from countries including China, the United States, Hong Kong, Spain, and Canada on its platform. OKEx’s statement said that it too had revised its user agreement to comply with the FCA regulations, adding that it would no longer support customers from the United States, Cuba, Crimea, Syria, North Korea, or countries that have been sanctioned by the United Nations Security Council.
The new FCA regulations are an attempt to prevent malicious activity, including terrorist financing. With enterprises such as Binance and OKEx being compliant, it shows that the cryptocurrency industry is willing to work with global regulatory bodies to ensure customer safety. As the sector matures, more exchanges are likely to revise their policies to comply with comparable EMAs.