The company has pivoted efforts toward ensuring its product ecosystem and marketing engine is fully compliant with the Regime of Financial Promotions.
CHICAGO, Sept. 28, 2023 (GLOBE NEWSWIRE) -- CEX.IO, a global ecosystem of products and services that connects curious participants to the cryptocurrency economy and decentralized finance (DeFi), announces that it has suspended onboarding new U.K.-based consumers. The immediate action is in response to updated regulatory guidelines issued by the Financial Conduct Authority (FCA) for cryptoasset businesses, and expanded parameters outlined in the Regime of Financial Promotions.
Financial promotion rules for cryptoassets establishes guardrails to protect U.K. consumers, ordering that all marketing tactics targeting them must be“clear, fair, and not misleading.” After evolving through a series of iterations, the core of current standards are set to take effect on October 8, 2023. In advance of this date, CEX.IO will take decisive action to fully comply.
“While CEX.IO has spent 10 years safely advancing crypto access, this move reflects the company’s unwavering commitment to meeting global regulatory requirements,” said Mark Taylor, CEX.IO’s Head of Financial Crime, and MLRO for the U.K. region. “Building and offering user-centric services has always been at the heart of our enterprise, and that includes taking the time to thoughtfully respond to a changing environment.”
In addition to curtailing promotional activities outlined in the above rules, CEX.IO will reorient its U.K. services to comport with FCA parameters. This will include dedicated web pages and social media channels for all U.K.-based participants, and IP geo-fencing to help ensure enhanced user protections throughout the region.
“This is an opportunity to reaffirm why we’re chosen globally as a trusted crypto guide. To achieve operational excellence alongside ethical crypto stewardship, we will continue to lead by example,” Taylor added.
CEX.IO was founded in 2013 with a mission to support global financial inclusion through the adoption of cryptocurrency and blockchain technology. As one of the most tenured market participants, CEX.IO offers a comprehensive ecosystem of intuitive solutions built with safety and security at their core, enabling users to trade, store, transfer and earn digital assets. With over six million registered users globally, CEX.IO helps retail, enterprise, and institutional customers seize opportunities in decentralized finance every day. Learn more at CEX.IO or connect with us on LinkedIn.
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CEX.IO is a trading name of, and [digital asset platform products and services] are offered by: in the U.S., CEX.IO Corp., registered with FinCEN in jurisdictions where it is licensed to operate as a Money Service Business (MSB Activities 409 499), registered office 900 E Diehl Rd STE 110, Naperville, IL 60563; in Europe, CEX.IO Limited, registered in Gibraltar, No. 116846, registered office, Madison Building, Gibraltar GX11 1AA. CEX.IO Limited is authorised and regulated by the Gibraltar Financial Services Commission as a DLT Provider under the authorization number: FSC0686FSA; CEX OVRS LLC, registered in St. Kitts & St. Nevis, No. L 22275, registered office Suite 1, A.L. Evelyn LTD Building, Charlestown, Nevis. CEX.IO Limited and CEX OVRS LLC are subsidiaries of CEX.IO Holding Ltd.
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