Cryptocurrency exchange OKX is now implementing Financial Conduct Authority (FCA) guidelines for its UK-based users, as part of new regulatory requirements. Starting the week of January 8, 2024, UK users must complete two key questionnaires:
- Investor Knowledge Assessment: Demonstrates understanding of risks associated with digital asset trading.
- Suitability Evaluation: Assesses fitness for cryptocurrency investing.
Users failing to complete these or show adequate risk comprehension will face account restrictions.
Key Changes Under FCA Regulations
- Reduced Token Offerings: OKX has streamlined its platform to ~40 assets.
- Enhanced Risk Disclosures: Added prominent visual warnings to interfaces.
- Compliance Partnerships: Following Binance's October 2023 collaboration with UK peer-to-peer platform Rebuildingsociety, though Binance later paused new UK registrations after FCA imposed additional limits.
According to OKX:
"The FCA aims to ensure users grasp crypto risks, aligning the industry with traditional finance standards. All digital assets carry risk—businesses must transparently disclose these."
Responsible Trading Initiatives
OKX updated its tagline to "Trade Responsibly", reflecting global regulatory pressures on offshore exchanges. Their disclaimer now explicitly states:
"Cryptocurrency is high-risk. Only invest what you can afford to lose—no protection guarantees exist."
👉 Learn more about FCA compliance
FAQs
Q: What happens if I don’t complete OKX’s questionnaires?
A: Your account may be restricted from trading or withdrawals.
Q: Why did OKX reduce its token listings?
A: To comply with FCA requirements and mitigate risk exposure for UK users.
Q: How does this affect existing UK customers?
A: All users must complete the new checks—regardless of account tenure.
Industry Context
The FCA’s stricter rules mark a broader trend of crypto exchange regulations targeting consumer protection. OKX’s proactive adjustments contrast with Binance’s reactive pauses, highlighting divergent compliance strategies.
For traders, these measures underscore the importance of risk-aware participation in digital asset markets.
👉 Explore OKX’s updated trading policies
Jalpa, a crypto writer and graphic designer, simplifies complex topics with creative clarity. Her passion for art and mountains fuels her unique perspective.
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