
The UK Financial Conduct Authority has made changes to its mobile and web apps to meet the new marketing rules, which took effect on October 8.
Binance has launched a new dedicated website for UK customers. It resumed operations of its mobile app, asserting compliance with new regulations after temporarily halting operation through it, the exchange said in an email to its British customers.
Komainu, a digital asset custody firm in the UK, bought the license for operations on October 6 in the region, backed by Nomura, CoinShares, and Ledger. Komainu provides custodial services to exchanges, financial institutions, and asset managers.
At the same time, some others such as ByBit and Luno have decided to discontinue operations.
The payment process has also halted crypto transactions for British users as PayPal worked towards making the app comply with the updated regulations.
The FCA imposes new rules on crypto firms earlier this year, which require them to register with the financial regulatory authority and approve their marketing by an FCA-authorized firm.
The new updates require exchanges to provide fair warnings to customers about the risks involved in crypto investments.
The marketing material must be clear, fair and not misleading and contain a 24-hour cooling-off period for new customers.
While the government extended the deadline for implementing the technical details like the cooling-off period until January 2024, it requires firms to adhere to the 'core rules' from October 8.
failure to comply will be charged with a criminal offense punishable by an unlimited fine or up to two years imprisonment for domestic and overseas exchanges operating in the United Kingdom, the agency said in a statement.