TL; DR
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The UK Financial Conduct Authority (FCA) just dropped the hammer on October 8 with their new Financial Promotions Regime for crypto outfits.
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So how do they meet the new requirements (which will essentially limit their product offering) without impacting their broader global operations? A lot of ways! (explained below).
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It’s not perfect, and their strategy will certainly need to be refined in the coming months, but for now we’ll accept it.
Full story
Crypto is the same worldwide. The way it is regulated is not.
Case in point: the UK Financial Conduct Authority (FCA) just dropped the hammer on October 8 with their new Financial Promotions Regime for crypto outfits.
Translation: no more freewheeling crypto promos until you pass their inspection.
They want crypto promotions that are as clean as your grandma’s Sunday best, as fair as the toss of a coin, and as transparent as the invisible hand of the market.
And honestly, we’re all for it!
…but we also realize how big an undertaking this will be for crypto companies operating in Britain
So how do they meet the new requirements (which will essentially limit their product offering) without impacting their broader global operations?
A lot of ways! For example:
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Binance has created a new localized domain name that only shows Binance products and services allowed in Great Britain
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OKX has reduced its token offering to around 40 assets and has placed prominent risk warnings on the interface.
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OKX launched a dedicated UK account at Twitter/X promise to only list those products and services that comply with the new UK regulations.
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Coinbase and OKX have partnered with Archax, a regulated entity that authorizes promotions on behalf of other crypto companies.
It’s not perfect, and their strategy will certainly need to be refined in the coming months.
But for now – it will do!