Originally published on: September 12, 2024
CEX.IO, a leading centralized cryptocurrency exchange, has made a comeback in the United Kingdom after a temporary suspension in 2023, pledging its support for the country’s stricter crypto rules.
Following a brief pause in services to comply with the Financial Conduct Authority’s (FCA) new Regime of Financial Promotions policy, CEX.IO is back to cater to its UK customers. Rich Evans, the managing director at CEX.IO, revealed in an exclusive interview with Cointelegraph that the exchange made the decision to suspend operations voluntarily last year.
The UK regulatory landscape has been evolving rapidly, with new legislation aimed at clarifying crypto legal requirements and urging crypto businesses to register. Evans emphasized that the UK market holds great importance for CEX.IO, as one of the few platforms included in the FCA’s temporary registration regime.
CEX.IO stands firmly behind the UK’s move towards stricter regulations in the crypto space, viewing them as necessary measures to safeguard consumers and encourage wise investment decisions. Evans noted that while the new rules may appear stringent compared to other jurisdictions, their primary goal is to protect users and foster transparency in the market.
Coinciding with CEX.IO’s resumption of services, other crypto companies, such as Nexostarted, have also begun reevaluating their operations in the UK to comply with FCA guidelines. Nexostarted resumed new user registrations in the UK after a 10-month hiatus, making necessary adjustments to align with regulatory requirements.
The FCA’s regulatory changes have prompted several high-profile firms, including PayPal and Bybit, to adjust their offerings or exit the UK market altogether. Despite the challenges posed by the evolving regulatory landscape, CEX.IO remains committed to providing a secure and compliant platform for crypto traders in the UK.
Stay informed about the latest developments in the crypto industry by following CEX.IO’s journey as it navigates through the changing regulatory environment in the UK.