OKX Implements Measures for UK Users in Compliance with FCA Regulations

UK-based OKX users to complete crypto investment questionnaires

Starting January 8, users located in the UK will be required to complete two questionnaires. The initial questionnaire aims to evaluate users' awareness of crypto investment risks and categorize their investor profiles. The subsequent set of questions delves into various aspects of crypto investing to assess users' knowledge, experience, and understanding of associated risks.

Both new and existing UK-based users on OKX will be mandated to answer these questionnaires. Failure to complete them successfully will result in the inability to maintain an OKX account.

OKX, renowned for its high daily trading volumes, recorded $3.6 billion in trading volume on January 2nd.

Alignment with FCA's Regulations

OKX explicitly emphasizes that these new measures are aimed at adhering to the FCA's Financial Promotions Regime. While these rules officially took effect in October 2023, the FCA allowed certain entities to extend their compliance deadline until January 8, which OKX appears to have taken advantage of.

The announcement by OKX includes a disclaimer based on FCA guidance, cautioning users against investing in crypto unless they are willing to risk losing their entire investment. It also emphasizes the lack of protection for customers and highlights the unregulated nature of cryptocurrency within the UK.

Reports from the Financial Times in October indicated that OKX and competitor Coinbase collaborated with Archax to have their promotions endorsed.

Several other entities providing crypto services have either temporarily or indefinitely reduced their operations in the UK, including Binance, PayPal, Bybit, Nicehash, Revolut, and Luno. Moreover, firms like HTX, KuCoin, and Poloniex have been added to the FCA's warning list.