Binance, OKX Adjust Crypto Operations to Comply With UK FCA’s New Regime
Binance and OKX have both adjusted their crypto operations to comply with the new regulations put in place by the UK Financial Conduct Authority (FCA). These regulations, which came into effect on January 10, 2020, are designed to protect consumer interests and ensure transparency in the market.
Binance has now implemented ID verification procedures for customers based within the United Kingdom. This is required in order to comply with the 5th Anti-Money Laundering Directive (5AMLD) and the UK FCA’s Payment Services and Electronic Money Regulations.
OKX has also adjusted its operations in accordance with the new regulations. The platform has stated that it is now subject to stricter regulatory requirements, including the implementation of compulsory KYC, remittance restrictions, and the requirement to submit details of any transactions to the UK’s Financial Crime Enforcement Network (FinCEN). It emphasized the importance of abiding by the guidelines laid out by the FCA.
These changes come as the UK FCA seeks to bring greater clarity and protection to the crypto sector. By implementing these regulations, the watchdog aims to protect consumers, ensure market integrity, and promote competition in the UK crypto space.