Users are required to complete a series of risk assessment questionnaires before they can begin trading.
Crypto exchange OKX is introducing rules for its United Kingdom-based users as part of new regulatory requirements by the country’s Financial Conduct Authority (FCA).
According to the Jan. 2 announcement, starting next week, U.K. users will be required to complete an investor questionnaire to prove they understand the risks involved in buying and trading digital assets. In addition, users must complete a second questionnaire evaluating whether investing in crypto is appropriate for them. “Those unable to complete the questionnaires or demonstrate a grasp of the risks will become ineligible to hold an OKX account,” OKX wrote.
Cointelegraph previously reported that exchanges such as Binance and OKX have pledged to comply with new FCA rules set to take effect on Jan. 8, 2024. On Oct. 6, 2023, Binance said it launched a new domain for U.K. users and partnered with the local peer-to-peer lending platform Rebuildingsociety.
