Following the recent exit of Bybit from the UK market due to new regulations, other crypto exchanges such as Coinbase, OKX, and Binance have adapted by teaming up with local partners.
Coinbase and OKX are currently working with Archax to get their promotions approved, while Binance has partnered with a regulated peer-to-peer lending firm.
These partnerships will allow the exchanges to continue serving UK customers while following the new regulations, which include a cooling-off period for first-time investors.
According to a lawyer and a spokesperson for Archax, these partnerships require the partner to approve the exchanges’ promotions, taking on responsibility for them.
Archax also has a thorough process in place to vet potential partners and charges an upfront and ongoing fee for their services.
