CEX.IO has resumed operations in the U.K. after a 10-month suspension, now focusing on FCA guidelines.
Crypto exchange CEX.IO has resumed its operations in the United Kingdom just 10 months after a voluntary suspension due to new regulatory policies. In a Sept. 12 press release shared with crypto.news, the platform noted that it had voluntarily halted services following the implementation of the Regime of Financial Promotions policy by U.K. regulators in October 2023.
As of August, both existing and new clients can now access the platform, which has been updated to comply with the Financial Conduct Authority‘s regulations, CEX.IO says. The exchange noted that the U.K. was one of the “primary markets,” with local users representing over 69% of its total customer base across the European Economic Area as of October 2023.
“During the last four quarters of the exchange operations on the U.K. market (Q3 2022 — Q2 2023), the volume of transactions grew by 26.9% on average quarter to quarter.”
CEX.IO
The resumed services will offer access to 190 digital assets, with the company aiming to reestablish the U.K. as a primary target market by adhering to stringent regulatory and security standards.
CEX.IO’s return to the U.K. market is facilitated by approval from FCA-designated firm Gateway 21, although the exchange is still in the process of obtaining an anti-money laundering registration from the FCA. All services will be managed from Lithuania, requiring ongoing collaboration with Gateway 21, the press release reads.
Read the full article here
