As the UK FCA widens its financial promotions rules for crypto, Coinbase, OKX, Binance, and others partner with UK companies to try to keep serving UK customers

penalties range from web/app takedowns to fines & prison https://www.bloomberg.com/... LinkedIn: Oliver Scherenberg : 🚨 The U.K. Financial Conduct Authority (FCA)'s new regulation for crypto asset promotions is live - and kicking but*. … Forums: r/CryptoCurrency : Binance, OKX to comply with new financial promotions rules in UK

The Block 2023-10-10 Brian McGleenon

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OKX OKX on x
New UK financial promotions rules - 7 October 2023 update
@thefca @thefca on x
We've issued nearly 150 alerts on the first day of our new #crypto promotions rules coming into force https://www.fca.org.uk/...
@zachxbt @zachxbt on x
@prestonjbyrne They need to issue an alert on Suppoman [image]
@functi0nzer0 Laurence on x
I mean, they sort of are: [image]
@moo9000 Mikko Ohtamaa on x
@prestonjbyrne On their warning list, you can find 12,000 companies. Whether or not this has helped to stop any of these companies is unclear. I appreciate FCA's efforts to get the world rid of crypto scams. However, we also need to understand that regulation, which is ineffectiv…
@functi0nzer0 Laurence on x
The implications of the FCA rules aren't quite clear for DeFi - warnings aplenty are probably the cleanest way to go: their required ‘cooldown’ period is a bit nutty though
@langcatmike Mike Barrett on x
You mean to say “legitcryptominers” is, in fact, not legit?? Oh.... [image]
@emilyjnicolle Emily Nicolle on x
Huobi and KuCoin are among nearly 150 companies added to the FCA's warning list yesterday, when new rules kicked in on crypto lunder the UK's financial promotions regime Rules apply to firms globally, with unlimited fines and prison time on the table https://www.bloomberg.com/...
@wublockchain Wu Blockchain on x
The UK Financial Conduct Authority placed 143 entities on its warning list on October 8, including cryptocurrency exchanges Huobi/HTX and KuCoin. “Our Warning List shows the firms that we're concerned are working without our permission. ” https://www.fca.org.uk/...
@wublockchain Wu Blockchain on x
OKX UK stated that in accordance with the new British regulations, for British retail users, it has reduced the token assets provided to about 40 tokens, including BTC, ETH, SOL, USDT, and USDC, and has formulated clear risk warnings. https://www.okx.com/...
@prestonjbyrne Preston Byrne on x
The UK FCA has issued 146 alerts on the first day that its new cryptocurrency financial promotions regime is in force. They're officially not fucking around. If you're not compliant, now is the time. https://www.fca.org.uk/...
@emilyjnicolle Emily Nicolle on x
new from me: the FCA will immediately name and shame crypto companies in breach of the UK's financial promotions regime when the rules go live tomorrow. its warning list will get updated hourly — penalties range from web/app takedowns to fines & prison https://www.bloomberg.com/.…
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Binance, OKX to comply with new financial promotions rules in UK

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As the UK FCA widens its financial promotions rules for crypto, Coinbase, OKX, Binance, and others partner with UK companies to try to keep serving UK customers

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