CoinbaseRevolut and Binance have updated their platforms to comply with the UK Financial Conduct Authority’s (FCA) new marketing rules, which came into effect on October 8.
Over the weekend, Coinbase and Revolut notified their customers via email about these changes, including an additional “risk disclaimer” for cryptocurrency transactions, and asked their users to update their mobile apps.
binance He launched new dedicated website for UK customers. The platform resumed operating its mobile app, claiming to comply with the new regulations after temporarily halting its operations through the app, according to an email sent to its UK customers.
Komainu, a British cryptocurrency custody company backed by Nomura, CoinShares, and Ledger, have got permission to operate in the region last week, on October 6. Komainu offers custody services to exchanges, financial institutions and asset managers.
At the same time, other companies such as ByBit and reportedly Luno have decided to cease operations.
PayPal has also temporarily halted cryptocurrency purchases for UK users while it works to get the app to comply with updated regulations.
This morning, financial regulators published warned 146 cryptocurrency companies operating in the UK, warning that they “are not authorized or registered by the FCA.”
The regulator’s public statement added that it expects companies to “play their part in protecting UK consumers from illegal promotions.”
[at-udni /]What are the new FCA rules?
Earlier this year, the FCA introduced new rules requiring cryptocurrency companies to register with the financial regulator and have their marketing approved by an FCA-authorized firm.
New update demands that the exchange provides fair warning to customers about the risks involved in cryptocurrency investments.
Marketing materials must be “clear, fair and not misleading” and include a 24-hour cooling off period for new customers.
Although the regulator extended the deadline to implement technically difficult features such as cooling off periods until January 2024, it required companies to comply with “fundamental rules” starting October 8.
Non-compliance will be considered a “criminal offense punishable by an unlimited fine and/or up to two years in prison” for domestic and foreign exchanges operating in the UK, the agency said in a recent statement.
“Entrepreneur. Internet fanatic. Certified zombie scholar. Friendly troublemaker. Bacon expert.”
