A bitcoin exchange called OKX is putting in place new rules for its users in the UK in order to follow the rules set by the Financial Conduct Authority (FCA).
In a statement released on January 2, OKX said that beginning the following week, users in the UK would have to fill out an investor questionnaire to show that they understand the risks of buying and trading digital assets.
Also, a second form must be filled out to see if investing in crypto is a good idea. Users won’t be able to keep their OKX account if they don’t meet these standards or show that they understand the risks involved.
![OKX tightens controls for UK users under FCA scrutiny image 4](https://i0.wp.com/nosisnews.com/wp-content/uploads/2024/01/image-4.png?resize=997%2C560&ssl=1)
![OKX tightens controls for UK users under FCA scrutiny image 4](https://i0.wp.com/nosisnews.com/wp-content/uploads/2024/01/image-4.png?resize=997%2C560&ssl=1)
This move is in line with what many platforms, including Binance and OKX, have said they will do to follow the new FCA rules starting January 8, 2024. Binance had already added a new domain for its users in the UK and teamed up with the UK’s Rebuildingsociety peer-to-peer loan platform on October 6, 2023.
However, on October 16, Binance briefly stopped adding new users from the UK because the FCA put more restrictions on Rebuildingsociety.
In the case of OKX, the exchange has taken steps to meet the upcoming FCA rules. For example, it has limited the assets it offers as tokens to about 40 and put big warnings about risks on its website. OKX said that the FCA’s goal is to make sure that users are fully aware of the risks and trade-offs that come with crypto dealing. This is an effort to bring the industry in line with standard practices in traditional finance.
The exchange made a point of stressing the risks that come with digital assets and came up with the new motto “trade responsibly.” In answer to regulatory pressures from around the world on offshore exchanges, OKX stressed the need for clarity by saying, “Don’t invest unless you’re ready to lose all the money you invest.”
There is a lot of risk with cryptocurrency, so don’t think that you will be safe if something goes wrong.
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