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On October 8th, the Financial Conduct Authority (FCA), the financial markets regulator in the United Kingdom, was active in adding numerous crypto exchanges to its list of non-authorized firms, cautioning customers to “exercise caution.”
A total of 143 new entities, including prominent exchanges like HTX, owned by Huobi, and KuCoin, were added to this warning list. The advisory provides little detail beyond a simple directive to “exercise caution when dealing with this firm.”
In the UK, firms engaged in “crypto asset activities” must either be registered with the FCA or have been granted temporary operating status. Jayson Probin, crypto financial promotions lead at the FCA, warned of potential criminal charges for non-compliance, stating that they would take strong action against those illegally promoting to UK consumers. This action could involve placing firms on their warning list, requesting the removal of websites, social media accounts, apps, and other promotions that violate regulations, as well as enforcing penalties.
In August, the FCA reported that since 2020, it had received 291 registration applications but approved only 38, representing around 13% of applicants. Currently, the FCA’s list of registered crypto asset providers comprises 42 entities, including Bitstamp, Revolut, and Gemini.
PayPal recently suspended crypto transactions for its UK customers while it seeks to comply with the FCA’s requirements. In late September, Dubai-based cryptocurrency exchange Bybit also halted all its services in the UK due to “regulatory changes.”
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