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How is regulation in crypto exchanges in the UK? Crypto exchanges like Binance, Coinbase and OKX started to offer their services to pass the regulation in the UK.
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The new crypto marketing rules that came into effect in the UK in recent days have brought challenges for foreign exchanges. Following this development, Bybit, one of the largest crypto futures exchanges in the market, decided to withdraw from the UK. According to the statement other exchanges would follow the same path. However, contrary to expectations, major exchanges chose to comply with regulations in the UK by setting up local partnerships.
Regulation in Crypto Exchanges in the UK!
Coinbase and OKX, in the statements, agreed with the Archax company about complying with crypto marketing rules. Also, Binance stated it formed a partnership with the Rebuilding Society company. This company has been offering peer-to-peer (P2P) lending service in the country since 2013. Crypto exchanges are expecting the UK Financial Conduct Authority (FCA) to allow them to operate in the country with regulations.
Market experts think that regulators can approve as the responsibility of crypto exchanges’ marketing activities will be in the companies with which partnerships are established.
FCA recently warned by announcing that there are 143 companies operating without permission in the country. Also, this list includes two major crypto exchanges, HTX (Huobi) and KuCoin. The regulatory agency reported unregistered crypto companies that do not comply with the new financial marketing guidelines might violate the 21st article of the United Kingdom’s Financial Services and Markets Act. The FCA notes this violation can cause a punishment with up to two years in prison, an unlimited fine, or both sanctions.
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