April 19, 2024
FCA's warning to 146 crypto firms violating regulations in the UK
Latest Cryptocurrency News

FCA Issues Warning to 146 Crypto Companies Amidst New Regulations

The Financial Conduct Authority (FCA) of the United Kingdom has issued a warning to 146 crypto companies, marking the first such warning since the implementation of new promotional regulations that mandate registration with the FCA. This move is part of the FCA’s ongoing efforts to combat illicit financial promotions directed at UK consumers.

As part of this cautionary measure, the FCA has published a list of companies that have failed to register with them, which includes KuCoin and Huobi, among others. The FCA emphasized its risk-based approach and indicated that it would continually update this list as it identifies firms that may be unlawfully promoting crypto assets without engaging constructively with the FCA. Certain companies, such as OKX and Binance, have expressed their commitment to complying with the FCA’s promotional rules.

Komainu achieved FCA registration as a custodian wallet provider on October 6th, marking a significant regulatory milestone. CEO Nicolas Bertrand highlighted the importance of the UK as a leading hub for financial technology and innovation, with the potential to drive the convergence of traditional and decentralized finance.

In August, PayPal temporarily halted the ability of its UK customers to purchase cryptocurrencies on its platform to ensure compliance with the new regulations. Reports suggest that PayPal aims to reintroduce these services in 2024. ByBit also announced the suspension of its services in late September, with a proactive approach to embracing regulation and complying with market requirements, as articulated in a blog post at the time.

Image by freepik

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