CEX.IO Restarts UK business, and claims to have met FCA compliance requirements.
The exchange’s return is supported by a partnership with FCA-authorized firm Gateway 21.
After a 10-month suspension, CEX.IO, a prominent centralized crypto exchange, has officially resumed its operations in the UK as of Thursday morning. This development follows the exchange’s alignment with the Financial Conduct Authority (FCA) regulations and its collaboration with Nexo. The temporary halt in October 2023 was in response to new regulatory guidelines issued by the FCA. Aimed at enhancing consumer protection in the crypto sector.
Under the updated rules, all marketing strategies targeting UK consumers must be transparent and not misleading, ensuring greater clarity and protection for digital assets. CEX.IO, which had over 68% of its customer base in the UK, now offers access to 190 digital assets for its UK users.
Though CEX.IO is still in the process of securing full Anti-Money Laundering (AML) registration with the FCA. Its return to the UK market has been facilitated through a partnership with Gateway 21. This FCA-authorized firm assists with financial promotion approvals, helping CEX.IO meet the necessary compliance requirements.
United Kingdom’s position as a Digital Hub:
The United Kingdom is solidifying its position as a leading digital hub through strategic investments and policy initiatives. London, in particular, has emerged as a global tech capital, attracting tech giants and startups alike.
The UK government’s support for innovation, including the Digital Strategy and significant funding for tech research, enhances its appeal. The country’s robust digital infrastructure, skilled workforce, and favorable regulatory environment further boost its status.
Additionally, the UK’s emphasis on cybersecurity and data protection builds trust and stability for digital businesses. With a growing number of tech unicorns and a thriving fintech sector, the UK is not only a digital leader but also a key player in shaping the future of technology and innovation globally.
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