Binance and OKX, two of the world’s largest cryptocurrency exchanges, have announced that they have been making adjustments to their operations in order to comply with the UK Financial Conduct Authority’s new regulatory regime.
The FCA announced in July that it would be bringing cryptocurrencies and other related activities under its Financial Promotion Order. The order requires businesses involved in crypto activities to register with the regulator, and subjects them to rules relating to how they advertise and promote their services.
Binance has said that it has adapted its current operations to be compliant with the FCA’s requirements and that it has already submitted an application for registration. For its part, OKX has said that it is actively preparing to comply and that it is currently considering how best to do so. Both exchanges have emphasized that they are committed to ensuring that they adhere to all applicable regulations wherever they operate.
The announcement from the two exchanges comes as part of the global trend towards more stringent regulation of the cryptocurrency industry, as regulators look to better protect investors and consumers. By taking the lead in complying with the FCA’s new regime, Binance and OKX are setting an example for the industry as a whole.