FCA Adds Numerous Crypto Exchanges to Warning List of Unauthorized Firms in the UK
Crypto News – The Financial Conduct Authority (FCA), the regulatory body for financial markets in the United Kingdom, experienced a busy Sunday on October 8th, as it expanded its cautionary list of non-authorized crypto exchanges that customers are advised to steer clear of.
A significant number of 143 new entities, including prominent exchanges like Huobi-owned HTX and KuCoin, were appended to the warning list. The warning list provides minimal information, simply stating, “You should avoid dealing with this firm.”
In the UK, companies allowed to engage in “crypto asset activities” must be registered with the FCA or possess temporary operational clearance. In July, Jayson Probin, the FCA’s crypto financial promotions lead, implied that non-compliance might lead to criminal charges:
“We will take firm action against individuals illegally promoting to UK consumers. This can encompass a range of measures, including adding firms to our warning list, requesting the removal of websites, social media accounts, apps, and any other promotional material in violation, as well as taking enforcement action.”
In August, the FCA disclosed that it had received 291 registration applications since 2020, approving only 38, roughly 13% of them. As of the current publication, the FCA’s roster of registered crypto asset providers comprises 42 entities, such as Bitstamp, Revolut, and Gemini.
PayPal recently suspended crypto transactions for its UK customers until it devises a strategy to comply with the FCA’s stipulations. Furthermore, Bybit, a cryptocurrency exchange headquartered in Dubai, ceased all its operations in the UK in late September due to “regulatory changes.
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