Cryptocurrency exchange CEX.IO has resumed its operations in the UK following a 10-month suspension caused by the need to comply with new Financial Conduct Authority (FCA) requirements and a partnership with Nexo.
Reasons for Suspension
The suspension of CEX.IO operations in October 2023 was in response to new FCA directives aimed at bolstering consumer safety within the cryptocurrency industry.
Resumption of Operations
CEX.IO has re-entered the UK market, offering access to 190 digital assets for its UK clientele, with more than 68% of its customer base located in the UK. The exchange is now obtaining full Anti-Money Laundering (AML) registration with the FCA. As part of its resumption, CEX.IO collaborates with Gateway 21, which aids in gaining financial promotion approvals.
Role of the UK in the Digital Economy
The United Kingdom is reinforcing its status as a leading digital center through strategic investments and governmental measures, making London a global technology capital. Government support for innovation, strong digital infrastructure, a skilled workforce, and a favorable regulatory framework further contribute to this. The focus on cybersecurity and data protection fosters trust and stability for digital enterprises.
CEX.IO's resumption of operations in the UK highlights the importance of regulatory compliance and the role the country plays in the global digital economy.
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