OKX introduces new UK rules under FCA requirements

OKX exchange is set to implement new compliance measures for its U.K.-based consumers to comply with the upcoming FCA regulations. 

The exchange announced today that all users residing in the U.K. must complete a detailed investor questionnaire beginning the following week. This questionnaire assesses their understanding of the risks of purchasing and trading cryptocurrencies. 

There will also be an additional questionnaire to determine the suitability of crypto investments for each user. OKX emphasized that users who cannot successfully complete these questionnaires or those who fail to demonstrate a clear understanding of the associated risks will not be eligible to maintain an account with the exchange.

These steps align with the new FCA regulations, set to be enforced starting Jan. 8th. This development comes after regulatory changes across the UK’s cryptocurrency market. Notably, Binance ceased accepting new U.K. users on Oct. 16th, following enhanced restrictions by the FCA and its ban on advertising for unregistered exchanges.

Meanwhile, OKX proactively adapts to the impending regulations by reducing its digital asset offerings to roughly 40 tokens and incorporating prominent risk warnings within its user interface.

OKX has recently revamped its security measures to ensure robust user trading. Last week, the exchange announced the delisting of several privacy tokens. This reflects the overall regulatory caution among crypto exchanges across the board.