CEX.IO Resumes UK Operations, After Halting Operations

The cryptocurrency exchange supports the UK's evolving regulatory landscape as it re-enters the market.

CEX.IO, a leading centralized cryptocurrency exchange, has resumed its operations in the United Kingdom after voluntarily suspending services in October 2023. The temporary halt was initiated to ensure compliance with new regulations introduced by the UK Financial Conduct Authority (FCA). The FCA’s Regime of Financial Promotions policy, which imposes stricter guidelines on crypto-related businesses, prompted CEX.IO to take a cautious and calculated approach before re-entering the market.

CEX.IO’s Chief Operating Officer, Jonathan Evans, explained that the exchange adhered closely to the FCA’s requirements without taking any shortcuts. He emphasized the importance of operating in the UK, calling it a "key market" for CEX.IO and noting that the platform was one of the few to initially operate under the FCA’s temporary registration regime.

Throughout 2024, the UK has implemented several regulatory updates, introducing new legislation aimed at clarifying the legal requirements for crypto businesses. This has resulted in a slow but steady registration process for crypto firms. Evans explained that while CEX.IO has experience navigating various local regulations, the unique nature of the UK’s regulatory processes required additional time and resources for full implementation.

Despite the stricter guidelines, CEX.IO expressed its support for the FCA’s regulatory stance. Evans noted that the new regulations, perceived as stringent by some in the industry, are designed to protect consumers and foster informed investment decisions. He also pointed out that the forthcoming changes under the Financial Services and Markets Act (FSMA) will further solidify the UK’s position as a leader in the global crypto market.

CEX.IO’s decision to halt its services in 2023 aligned with other high-profile crypto platforms, such as Nexo, PayPal, and Bybit, which also paused or adjusted their UK services due to regulatory pressures from the FCA. However, as these platforms adapt to the new rules, many are now resuming operations in the UK.

In September 2024, Nexo began accepting new user registrations again after addressing the FCA’s guidelines, signaling a broader trend of compliance among crypto firms operating in the UK.

photo source / Blockonome