Coinbase UK mandates risk acknowledgment from users under new FCA rules Coinbase UK mandates risk acknowledgment from users under new FCA rules
Several Coinbase users encountered various challenges and expressed dissatisfaction with the process on social media platforms.
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Updated: Jan. 4, 2024 at 5:05 pm UTC
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Coinbase UK is asking its users to complete a risk-acknowledgment form to comply with the Financial Conduct Authority’s (FCA) new financial promotions regulations set to take effect by Jan. 8, according to emails obtained by CryptoSlate.
The emails require the users to identify their investor type and complete an assessment acknowledging the high-risk nature of cryptocurrency investments as defined by the FCA. It stated:
“You also need to complete a short assessment designed to confirm that you understand the risks associated with investing in crypto assets, which are considered high-risk investments by the FCA. The Appropriateness Assessment is essential for helping us ensure that you’re equipped to make informed investment decisions.”
Meanwhile, Coinbase is not the only crypto exchange testing its UK users as part of efforts to comply with local laws, as OKX introduced something similar recently.
This move aligns with recent efforts of the U.K.’s regulatory effort to protect people within its jurisdictions from inherent risks attached to the emerging industry. Several crypto-related firms, including Binance, Bybit, Nicehash, Revolut, and Luno have been forced to abandon their services in the country due to their inability to comply with the laws.
Coinbase users lament
Coinbase users have encountered various challenges and expressed dissatisfaction with the process on social media platforms.
Several X users have highlighted the difficulties in filling and submitting the form, citing its unavailability on the app and browser malfunctions.
One user, in frustration, labeled the situation as inconvenient and contrasted it unfavorably with other exchanges. They wrote:
“You are telling us to complete the UK FCA declarations, Task 1 & 2 but they are no where to be found on the app or logging in on a computer, what a joke! I didn’t have this problem with other exchanges.”
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Bitget
Bitget is a Seychelles-based cryptocurrency exchange platform established in 2018 that provides services for trading various digital assets.