What are the new FCA rules?
Stay on top of crypto news, get daily updates in your inbox.
Over the weekend, Coinbase and Revolut notified their customers via email about these changes, including additional “risk disclaimers” for crypto transactions, and asked their users to update the mobile application.
Binance launched a new dedicated webpage for UK customers. It resumed operations of its mobile app, asserting compliance with new regulations after temporarily halting operation through it, the exchange said in an email to its British customers.
Komainu, a digital asset custody firm in UK, backed by Nomura, CoinShares, and Ledger procured the license for operating in the region last week on October 6. Komainu provides custodial services to exchanges, financial institutions, and asset managers.
The public statement from the regulator added that it expects the firms to “play their part in protecting UK consumers from illegal promotions.”
The marketing material must be “clear, fair and not misleading” and include a 24-hour cooling-off period for new customers.
While the regulator extended the deadline for implementing the technically difficult features like the cooling-off period until January 2024, it requires the firms to adhere to the “core rules” from October 8.
Failure to comply will be charged with a “criminal offense punishable by an unlimited fine and/or up to two years imprisonment” for domestic and overseas exchanges operating in the U.K., the agency noted in a recent statement.