- In the latest updates, crypto exchanges are asked to warn their users about the risks associated with crypto investments.
- Many crypto companies have updated their platforms to comply with the new regulations.
The Financial Conduct Authority (FCA), the UK financial markets regulator, added 143 new crypto exchanges added to the list of “unauthorized” companies on October 8.
While the regulatory body has not revealed details about the update, it has advised customers in Britain to “avoid” dealing with such crypto companies.
The FCA must have granted permission or temporary status for crypto companies to operate in Britain
In the latest updates, crypto exchanges are being asked to give their users fair warnings about the risks associated with crypto investments. The marketing message must be ‘clear, honest and not misleading’. They must also include a 24-hour cooling-off period for new customers.
Companies are taking measures to comply with the latest regulations
Many crypto companies have updated their mobile and online applications in response to the latest update to comply with the new regulations. Companies quickly informed their customers about these updates, including additional “risk disclaimers” for crypto transactions.
The companies asked their users to upgrade their mobile apps.
Binance [BNB] launched a new web page dedicated to its customers in Great Britain After a temporary suspension of operations, it resumed operations of its mobile application in accordance with the latest regulations.
The company too announced This is done in collaboration with the FCA-regulated company Rebuilding Society.
OKX has that too made several changes aimed at its UK retail customers. It reduced the number of tokens available in the country from more than a hundred to just 40. It also integrated a prominent risk advisory banner on its website.
Last week, Komainu obtained the license to operate in Great Britain. Note that the company is backed by Nomura, CoinShares and Ledger. Bybit, also a crypto exchange stopped stopped its services in the region last month due to ‘regulatory changes’.
PayPal has also decided to halt crypto transactions for its customers in Britain until it can figure out how to meet the FCA’s requirements. Currently there Are only 42 crypto companies in the UK registered with the FCA.
