- The exchange has incorporated clear and conspicuous risk warnings.
- OKX UK now only supports around 40 tokens, unlike previously.
In light of recent changes to the laws governing cryptocurrency exchanges in the U.K enacted by the Financial Conduct Authority (FCA), OKX UK, a subsidiary of the global crypto exchange OKX, said in a blog post that it would be making substantial changes to the tokens it supports.
OKX UK used to allow trading in a broad variety of cryptocurrencies, but currently just 40 tokens are supported. To comply with FCA regulations and prevent any legal complications, it was decided to delist some.
Stringent Compliance
The exchange has incorporated clear and conspicuous risk warnings to further strengthen user safety and guarantee that investors are aware of the hazards associated in trading cryptocurrencies. Also, these cautions are made to stand out and be difficult to miss.
These cautions are a useful reminder that cryptocurrency investments are highly speculative and subject to large swings in value. OKX wants to promote responsible investment by making it clear that people shouldn’t invest money they can’t afford to lose.
The FCA’s new rules emphasize risk education and openness in how cryptocurrency exchanges interact with their customers. It is hoped that by learning about the possibilities and drawbacks of trading cryptocurrencies, people would make more informed decisions. This is consistent with the norms of conventional finance, where visibility and openness about potential harms are of the utmost importance.
OKX indicated that it remains dedicated to its consumers, in contrast to other crypto exchanges like Bybit that have decided to leave the UK market as a result of these new rules.
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