Cryptocurrency exchanges must test a customer's financial knowledge

Cryptocurrency exchanges must test a customer's financial knowledge

Coinbase, Crypto.com, Gemini and other cryptocurrency exchanges are warning users in the UK that they need to start filling out various risk assessments and other questionnaires in order to continue trading in cryptocurrencies, it writes. CNBC.

The changes come ahead of strict new rules for declaring so-called virtual assets, “digital assets”, in the country.

Cryptocurrency companies told UK users that from Monday they will have to complete an investor type declaration and answer a questionnaire on various aspects of financial services and regulation to continue using their platforms.

Access is denied

Among other things, users will be asked to choose their investment profile based on income. If a user does not invest more than 10 percent of their assets, they will not be allowed to trade cryptocurrencies.

The surveys, which vary from cryptocurrency exchange to cryptocurrency exchange, require users to answer several questions about the range of products offered by companies, the volatile nature of crypto assets and the treatment of cryptocurrencies as a product of financial regulation.

If the user fails to answer these questions, they will be banned from trading with their cryptocurrency account.

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Hanisi Anenih

Hanisi Anenih

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