How to Comply with New Financial Promotions Rules in the UK Using Web 3.0

Cryptocurrency Exchanges Comply with New Financial Regulations in the U.K.

Major global cryptocurrency exchanges such as Binance and OKX have declared their intention to comply with the new Financial Promotions (FinProm) Regime, which was recently implemented by the U.K. Financial Conduct Authority (FCA). This regulation is intended to ensure fairness, transparency, and cleanliness in crypto promotion.

On October 6, Binance announced a new domain for U.K. users and a partnership with the local peer-to-peer lending platform Rebuildingsociety. Starting from October 8, U.K. retail users of Binance will be redirected to a localized domain that will only feature products and services that are authorized under the U.K. regulations. These products include spot and margin trading, Binance Pay, NFT marketplace, loans, and more.

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Compliance with FCA Rules

Binance has announced that, in compliance with the new FCA rules, it will cease to offer products such as gift cards, referral bonuses, academy and research to retail users in the U.K. However, this does not affect certain institutional and professional investors who are exempt under the new FinProm rules.

Risk Warnings

OKX has also taken steps to comply with FinProm regulations, reducing its token offering to around 40 assets and including eye-catching risk warnings on its interface. For example, at the top of OKX’s main page, investors are invited to take a few minutes to learn more about the risks of crypto investment.

Social Media Presence

OKX has also launched a dedicated U.K. account on X (formerly Twitter), where the firm promises to mention the products and services that comply with U.K. regulations. This provides an additional opportunity for investors to learn about web 3.0, how to update webos 2.0 to 3.0, and how to invest in web 3.0.

Understanding the Challenges of the FinProm Rules

MoonPay, a crypto payment service, is taking steps to comply with the new FinProm rules. Matt Sullivan, the deputy general counsel of MoonPay, commented on the difficulty of ensuring compliance while running a global business:

“The challenge arises in ensuring compliance with all of these new requirements in the U.K. while operating across the globe,” said Sullivan in a statement to Cointelegraph.

It seems that some crypto firms have been having difficulty meeting the new promotion rules in the United Kingdom. The Financial Conduct Authority (FCA) issued a warning on Oct. 8, which includes major crypto exchanges like KuCoin and HTX (formerly Huobi) that may have been promoting their services without permission. These 143 entities are described as “non-authorized firms” and are not allowed to operate in the United Kingdom. The warning simply states, “You should avoid dealing with this firm.”