A big coin exchange called CEX.IO has started doing business again in the UK after stopping on its own in late 2023. We put things on hold to make sure we were fully in line with the Financial Conduct Authority’s (FCA) new rules, especially the Financial Promotions policy. By taking this step, the exchange was able to make sure that its services met the strict standards set by the FCA.
Rich Evans, managing director of CEX.IO UK, said that the platform entered the UK market again in a “measured and responsible way,” stressing how important it is to follow local rules without taking shortcuts. He said that the UK has always been an important market for CEX.IO because a lot of its European customers are from there.
Throughout 2024, the UK’s regulatory landscape has been changing, making it easier to understand what the law requires of crypto companies. Even though it’s been slow for crypto firms to get registered, CEX.IO’s choice to temporarily stop its services was seen as a proactive step to make sure it was following the rules. The exchange has a lot of experience dealing with legal environments, but the UK’s system was different enough that it took more time and work to make it work.
CEX.IO has said that they strongly back how the UK is regulating the crypto business. Evans stressed that the FCA’s rules are meant to protect customers and help people make smart business decisions, even if some people think they are stricter than rules in other areas. The exchange is dedicated to staying ahead of these changing rules, especially the Financial Services and Markets Act (FSMA) changes that are coming up, and wants to help the UK reach its goal of becoming a world leader in cryptocurrencies.
When CEX.IO’s services started up again in the UK, the business as a whole was also making changes to adapt to the new rules. As an example, other cryptocurrency companies, such as Nexo, PayPal, and Bybit, briefly lowered or changed their offers in response to the FCA’s new rules. However, many of these sites have since started up again after making the required changes to meet regulatory requirements.
Even though CEX.IO is re-entering the UK market, it will still provide access to a large number of digital assets and will remain dedicated to security and compliance. The exchange has a long history of being open and working with regulators. It is now ready to strengthen its position in the UK, which is one of its most important areas for growth.
