2023-10-09 09:23:59
The Financial Conduct Authority (FCA), the UK’s financial markets regulator, was busy on Sunday, October 8, as it added several cryptocurrency exchanges to its list. Warning Unlicensed businesses that customers “should avoid.”
A total of 143 new entities were added to the warning list, including major exchanges, such as Houbi-owned HTX and KuCoin. But the warning list doesn’t reveal much beyond the statement: “You should avoid doing business with this company.”
Related articles: UK to launch digital securities sandbox in Q1 2024
However, companies permitted to “carry out crypto asset activities” in the UK must either be registered with the Financial Conduct Authority or be granted temporary status to operate. In July, suggest Jason Probyn, Financial Promotions Officer for Cryptocurrencies at the Financial Conduct Authority, said non-compliance could lead to 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, which requires the removal of websites, social media accounts, apps and all other infringing promotions and action taken.” Enforcement.”
In August, the Financial Conduct Authority revealed that it had received about 291 registration applications since 2020, and approved only 38 of them. That is, about 13%. At the time of publication, Include The Financial Conduct Authority’s list of registered crypto asset providers is 42 entities, such as Bitstamp, Revolut and Gemini.
It is noteworthy that PayPal recently suspended cryptocurrency transactions for its customers in the United Kingdom until it figures out how to comply with the requirements of the Financial Conduct Authority. Cryptocurrency exchange Bybit, which is headquartered in Dubai, It suspended all its services in the UK in late September due to “regulatory changes”.
Related Articles: UK Must Ease KYC Requirements in Cryptocurrency to Overtake US in Web 3: Report
Translated by Albayan Gherra
Translation of the statement
1696844230
#regulatory #body