Coinbase and OKX have partnered with crypto startup Archax to get UK financial promotions approved under new FCA regime.
Two weeks after the crypto exchange Bybit officially exited the UK market, citing the impact of new crypto marketing rules, several rival overseas players have adapted to the regime by teaming up with local partners.
The expectation is that these arrangements will allow the exchanges to continue serving UK customers from overseas despite new marketing rules from the Financial Conduct Authority — which include a cooling-off period for first-time investors — that have just come into effect. The specific warning given by the FCA for both HTX and KuCoin stated: “This firm may be promoting financial services or products without our permission. You should avoid dealing with this firm.”
“As a result, I think the financial promotions rules are a little further reaching,” he said, adding that Archax has taken on roughly half the clients that have approached it about working on getting promotions approved.The FCA's new regime for crypto asset financial promotions took effect on Oct. 8.
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