CEX.IO Resumes UK Operations After 10-Month FCA Compliance Suspension

• CEX.IO restarts UK operations and provides access to 190 digital assets following FCA compliance.
• The UK’s position as a worldwide digital hub is being strengthened through investments and policy assistance.

CEX.IO, a well-known centralized cryptocurrency exchange, has officially restarted operations in the United Kingdom after a 10-month suspension. The exchange suspended operations in October 2023 to comply with the Financial Conduct Authority’s (FCA) new regulatory standards aimed at improving consumer safety in the cryptocurrency industry.

The suspension was in direct response to the FCA’s new guidelines, which require transparency and non-misleading marketing methods when targeting UK consumers. This change is part of a larger effort to improve protection and transparency for digital asset owners.

CEX.IO’s re-intro to the UK market is supported by a partnership with Gateway 21, an FCA-approved firm that helps with financial promotion approvals. Although the exchange is currently striving to obtain full anti-money laundering (AML) registration, the cooperation has allowed CEX.IO to meet compliance criteria and re-enter the market. With over 68% of its customers remaining in the UK, the exchange now offers access to 190 digital assets to UK residents.

United Kingdom’s Digital Hub Leadership

The United Kingdom continues to strengthen its position as a global leader in digital innovation, with London developing as a hub for technology corporations and startups. The government’s Digital Strategy, together with investments in technological research and cybersecurity, has strengthened the country’s digital infrastructure.

Rich Evans, Managing Director of CEX.IO UK, stated, “We intend to strengthen our presence in the United Kingdom by aligning with new regulatory standards and promoting the region’s growth as a cryptocurrency market hub.” Evans stressed that CEX.IO has always prioritized legal compliance and consumer confidence, even if it means losing short-term growth.

CEX.IO originated in 2013 as GHash.IO, a Bitcoin mining pool that produced over 583,000 Bitcoins at its peak. However, concerns over GHash.IO’s ability to carry out a “51% attack” on the Bitcoin network led to its eventual suspension. Since then, CEX.IO has grown into a well-known cryptocurrency exchange that provides a diverse choice of digital assets while keeping a clean regulatory record.

The UK’s favorable regulatory framework, talented workforce, and emphasis on data protection have made it an attractive location for digital firms. As the financial sector expands and the number of digital unicorns increases, the UK will decide the global future of technology.