United Kingdom (UK) financial promotions FAQ

What are the changes for United Kingdom (UK) resident users?

The Financial Conduct Authority (FCA) implemented new rules on June 8, 2023, classifying crypto assets as 'Restricted Mass Market Investments'. These rules introduce specific restrictions on marketing cryptoassets to UK consumers. The restrictions include clear risk warnings, a ban on incentives to invest, positive frictions, user categorization requirements, and appropriateness assessments.

Starting January 8, 2024, both new and existing UK resident users must complete an assessment questionnaire and self-categorization statement to continue using our services in compliance with FCA rules.

Note: these changes only apply to retail users who are resident in the UK

How does the questionnaire and self-categorization statement process work for the users?

• Existing UK users
  If you're a current UK resident, you'll be prompted to complete the appropriateness questionnaire and self-categorization statement upon log-in.

• New UK users
  New UK resident users will be prompted to complete the appropriateness questionnaire and self-categorization statement during account creation. A mandatory 24-hour 'cooling off' period will be introduced, during which time you'll be unable to buy or trade cryptoassets. You can, however, still deposit fiat to your account.

What's the assessment questionnaire?

This is a brief questionnaire to enable is to assess your understanding and experience of the risks involved in trading cryptoassets.

For additional information on the risks of investing in crypto assets, please read the General Risk Warning at the top of this page and visit here. We also have our OKX Learn pages to provide further educational material.

What happens if I fail the assessment questionnaire?

If you're unsuccessful in passing the assessment questionnaire, you'll be allowed a second attempt immediately. If this second attempt fails, you'll be able to try again after 24 hours.

If your answers demonstrate a lack of understanding of the risks involved, we'll be unable to offer you an account on OKX.

For additional information on the risks of investing in crypto assets, please read the General Risk Warning at the top of this page and visit here. We also have our OKX Learn pages to provide further educational material.

How does the self-categorization process function?

There are two categories to choose from based on your current circumstances. Assuming you fall into one of the three and pass the assessment questionnaire, you can trade on the OKX platform.

• Restricted Investor: This applies to the majority of our UK users. Restricted investors are those who haven't invested more than 10% of their net worth in high-risk investments such as cryptoassets, P2P loans, crowdfunding, unlisted debt and equities, and units in long-term asset funds, nor plan to do so in the next twelve months.

• High-Net Worth Investor: High-net worth investors are those whose annual income is greater than £100,000 (excluding pension withdrawals) OR those who have net assets greater than £250,000. Net assets exclude your home, your pension or any rights under qualifying insurance contracts.

What's the frequency of appropriateness questionnaire & self-categorisation?

Successful completion of the appropriateness questionnaire is a one-time exercise. If OKX introduces new products or services that fall into a different risk profile, we may need to ask you additional questions.

You'll be required to take the self-categorization on an annual basis.