Cryptocurrency exchange OKX is implementing changes in response to new FCA restrictions. These changes will mostly affect UK users beginning January 8, 2024. Users must now take two surveys to show they understand the dangers associated with crypto trading.
Users cannot have an OKX account if they can't complete these requirements or demonstrate that they are aware of the risk.
While Binance had to halt accepting new UK users due to new FCA regulations, OKX adopted a different approach. The exchange is only offering about 40 tokens and includes strong danger warnings on its site.
The FCA wants people to understand the risks and consequences of bitcoin trading. OKX's new steps help push crypto closer to traditional banking rules.
OKX's new tagline is "trade responsibly." With their bold remark, "Don't plan to invest unless you're willing to lose everything you put in," the exchange wants to inspire caution. This measure is part of a larger global trend of tightening controls on crypto trading that occurs outside of local boundaries.
