It was a busy Sunday, as the UK’s financial markets regulator, the Financial Conduct Authority (FCA), added several cryptocurrency exchanges to its system. warning List of unlicensed companies that customers “should avoid.”
A total of 143 new entities were added to the warning list, including major exchanges, such as HTX and Huobi-owned KuCoin. The list of warnings doesn’t reveal much except “You should avoid doing business with this company.”
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However, in the UK, companies permitted to “carry out crypto asset activities” must either be registered with the Financial Conduct Authority (FCA) or be granted temporary operating status. In July, Jason Probyn, chief financial officer for cryptocurrencies at the Financial Conduct Authority (FCA), led… Proposal Failure to comply may result in criminal charges:
“We will take tough action against people illegally promoting to UK consumers. This may include, but is not limited to, placing businesses on our warning list requesting the removal of websites, social media accounts, apps and all other promotions that breach our enforcement procedures.” .
In August, the Financial Supervisory Authority revealed that since 2020 it had received 291 registration applications and approved only 38 of them, or approximately 13%. At the time of publication, the Financial Conduct Authority’s (FCA) list of registered crypto asset providers Includes 42 entities, such as Bitstamp, Revolut, and Gemini.
PayPal recently halted cryptocurrency transactions for its UK customers until it figures out how to comply with Financial Conduct Authority (FCA) requirements. Dubai-based cryptocurrency exchange Bybit also suspended all its services in the UK in late September due to “regulatory changes.”