Digital asset exchange OKX has introduced new compliance measures for its UK customers, aligning with the Financial Conduct Authority (FCA) regulations. These changes aim to enhance investor protection and promote responsible trading practices.
Key Changes for UK Users
Mandatory Questionnaires:
- Client Categorization: Assesses investors' understanding of risks associated with digital assets.
- Appropriateness Assessment: Evaluates users' knowledge of specific assets or services.
- Effective from January 8, 2024, failure to complete these may result in account restrictions or closures.
Financial Promotions Regime:
- Bans referral bonuses and mandates clear risk warnings in promotions.
- Requires transparent disclosure of fees and prohibits misleading terms like "secure" or "guaranteed."
Asset Reduction:
- OKX now offers only 40+ assets for UK users, prioritizing safety and regulatory adherence.
👉 Explore OKX’s updated guidelines
OKX’s Commitment to Responsible Trading
The exchange launched a dedicated X (Twitter) account for UK users, sharing educational content on:
- Risk management
- Pre-investment research
- Trading plan development
Its "Trade Responsible" campaign underscores a focus on consumer protection.
FAQs
Q: What happens if I don’t complete the OKX questionnaires?
A: Ineligible users may face account suspension or closure.
Q: Why did OKX reduce listed assets for UK customers?
A: To comply with FCA’s stricter risk-mitigation standards.
Q: Are referral bonuses still allowed in the UK?
A: No. The FCA prohibits incentives like referral rewards.
Q: Where can UK users access OKX’s educational resources?
A: Via their new X account and website tutorials.
👉 Learn more about OKX’s compliance updates
Note: All hyperlinks except OKX’s official site have been removed for compliance.
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