Bitcoin Cryptocurrency news

OKX presents investor risk questionnaires according to FCA

To adapt to the new Financial Conduct Authority (FCA) regulations in the UK, OKX Exchange has introduced a comprehensive user review system. Starting next week, UK-based OKX users will be subject to a detailed investor questionnaire. This metric is important to assess your understanding of the risks involved in buying and trading cryptocurrencies.

In addition, there is an additional level of evaluation. OKX implements another questionnaire aimed at checking the suitability of crypto investments for each individual. The exchange’s strict policy is that users who fail these checks or cannot demonstrate sufficient understanding of the risks will not retain their accounts.

OKX adaptation to FCA regulations

These measures are a direct response to the FCA’s upcoming regulations, which come into force on January 8th. The UK cryptocurrency market has undergone significant regulatory changes. As a result, other exchanges such as Binance have already made adjustments, including halting new user registrations in the UK from October 16th.

In addition, OKX proactively adapts its services. The exchange is reducing its offering of digital assets to around 40 tokens. Additionally, it integrates important risk warnings into its interface. This approach is part of a broader trend of regulatory caution prevalent in crypto exchanges worldwide.

Revised security measures

Recently, OKX overhauled its security protocols, improving the security of exchanges between users. The move includes the delisting of several privacy-focused tokens last week. Such changes reflect a growing trend in regulatory compliance and risk management in the cryptocurrency exchange industry.

Bitcoin cryptocurrency exchange Cryptocurrency news

Crypto Fund Moves From BLUR to Lido and IMX: Supporting DeFi?

According to data from Lookonchain, Sigil, a fund in Gibraltar, swapped BLUR, one of this week’s best-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X, a dedicated Layer 2 scaling solution .mainly for NFT trading. .

Sigil Fund sells BLUR to IMX and LDO

On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth approximately $1.14 million, and 210,905 LDO, trading at $540,000, a cash exchange rates. The exchange was carried out through multiple transactions and on-chain.

The exchange comes approximately three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund exits BLUR as the token has dominated performance over the past few trading days.

To quantify, the token more than doubled this week alone, reaching new highs in the second half of 2023, above US$0.60. BLUR is already up 330% from its 2023 lows and continues to rise thanks to increased trading volume.

The rotation of the Gibraltar-based crypto investment fund from BLUR to Lido DAO and Immutable was immediate which could have advised the fund to exit BLUR, and not simply travel on the current journey, to LDO and IMX.

In retrospect, the move could be an endorsement of the resilience of decentralized finance (DeFi) and its inherent growth prospects. The rotation of funds into DeFi tokens could also mean a focus on supporting the building of decentralized ecosystems rather than the speculative NFT craze as is currently the case with BLUR, which is growing rapidly fueled by the Season 2 airdrop.

LDO and IMX are key to DeFi and NFT

As of November 2023, Lido DAO and Immutable X are some of the top platforms powering cryptocurrencies and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers secure NFT trading infrastructure. While recent issues at FTX and other CeFi players such as FTX partner Alameda Research continue to limit the rise, Sigil’s allocation change is an endorsement of DeFi.

Going forward, it is not immediately clear whether LDO and IMX prices will rise. For now, it is still in an uptrend, but overall it is volatile and not galloping upwards like BLUR. The token is up 80% from its October 2023 lows at press time. Meanwhile, IMX is extending its gains to 2023 highs by watching the price action on the daily chart.