Crypto exchange CEX.io has resumed its services in the United Kingdom after a short break in 2023. The platform had paused its services to adhere to new Financial Conduct Authority (FCA) regulations on financial promotions.
The managing director at CEX.io, Rich Evans, said the company decided to temporarily stop services for UK customers in Oct. 2023. He emphasized that CEX.io is cautious and responsible about returning to the UK market, ensuring it fully follows FCA regulations and avoids cutting any corners.
In 2024, the UK’s crypto regulations have been changing quickly, with new laws introduced to clarify the legal system and encourage crypto companies to register. Evans highlighted that the UK is still a significant player in the crypto exchange market, with only a few platforms temporarily listed by the FCA.
CEX.IO navigates UK crypto regulations
CEX.IO has extensive experience with local regulations, but the UK’s rules are slightly different and require extra time to manage properly. The exchange supports the UK’s growing regulatory technique and push for stricter crypto company rules. Evans said that although the FCA’s new regulations might seem tougher than those of other countries, they aim to protect users and help people make better investment decisions.
He mentioned that with the upcoming changes under the Financial Services and Markets Act (FSMA), CEX.IO is committed to staying ahead of the regulatory trend and helping the UK maintain its leading position in the crypto market. After CEX.IO stopped its services in Oct. 2023, Nexo started winding down its services in the UK due to FCA pressures.
However, on Sept. 3, Nexo resumed accepting new users in the UK after a 10-month break. They implemented key updates to adhere to FCA regulations. Similarly, well-known companies like PayPal and Bybit have limited their crypto services in response to the FCA’s new rules.
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