New UK financial promotions rules – 7 October 2023 update
What’s changing?
Due to new regulations introduced by the UK Financial Conduct Authority, starting 8 October, there will be some important changes to the OKX experience for users in the UK. These changes only apply to retail users.
In compliance with the updated rules, we developed a new user experience that is compliant with the requirements set out in the Financial Promotions Regime, and we are excited to continue to offer crypto services to UK users.
We have for example reduced our token offering to 40+ assets and have put in place clear and eye-catching risk warnings such as this one:
We are also excited to announce our dedicated X (f/k/a Twitter) account for our UK users, so please keep an eye out for new and exciting content in the future. OKX_UK will publish products and services that are in compliance with the new UK regulations for our UK-based users.
Our belief in responsible trading
Some of the regulations provided by the FCA concern how exchanges should talk about the products and services they offer. The goal of the FCA is to make sure users are aware of the risks and tradeoffs associated with trading crypto, which takes the industry closer to the norms of traditional finance. All financial products come with some amount of risks, and it is the duty of companies who offer them to be clear about it.
We're happy to follow these regulations as they fully align with our long-held commitment to responsible trading. We see it as our duty, as one of the world's leading crypto exchanges by trading volume, to educate our customers about it, including:
- the importance of doing your own research
- why it matters to have and stick to a trading plan
- how to measure and mitigate counterparty risk
- how to implement risk management best practices
Some of you will have noticed that most of our videos end with a motto: Trade responsibly. For us, it's more than just a tagline — it's our mission.
Our continued commitment to the UK
OKX will continue to provide crypto services to UK clients. Although some exchanges have decided to no longer offer services in the UK as a result of these new regulations, we're as motivated as ever. We are committed to improving our products and services so that we can give you the best possible overall experience with OKX.
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