The British
financial market regulator was not idle over the past weekend, adding 143 new
entities to its warning list, primarily from the cryptocurrency sector.
Notably, the updated Financial Conduct Authority (FCA) list includes well-known
brands such as the cryptocurrency exchanges KuCoin and Huobi.
In the case
of both Huobi and KuCoin, two cryptocurrency exchanges originating from Asia,
the FCA warning message is the same: “This firm may be promoting financial
services or products without our permission. You should avoid dealing with this
firm.”
The FCA
emphasizes that in order to promote cryptocurrency services, or any other
services, in the United Kingdom, a special authorization issued by the British
supervisory commission is required. The inclusion of these two exchanges on the
warning list indicates that Huobi and KuCoin lack such authorization.
@kucoincom and @HuobiGlobal were included on the @TheFCA ‘s warning list this weekend, along with over 140 other entities. pic.twitter.com/vWNZuucnCy
— Damian Chmiel (@ChmielDk) October 9, 2023
There are
many cryptocurrency exchanges worldwide; however, according to current FCA
data, only 42 entities are registered as crypto asset providers in the UK.
Moreover, since the beginning of 2020, the regulator has approved only 13% of
over 290 applications for such authorization.
The British
financial market regulator was not idle over the past weekend, adding 143 new
entities to its warning list, primarily from the cryptocurrency sector.
Notably, the updated Financial Conduct Authority (FCA) list includes well-known
brands such as the cryptocurrency exchanges KuCoin and Huobi.
In the case
of both Huobi and KuCoin, two cryptocurrency exchanges originating from Asia,
the FCA warning message is the same: “This firm may be promoting financial
services or products without our permission. You should avoid dealing with this
firm.”
The FCA
emphasizes that in order to promote cryptocurrency services, or any other
services, in the United Kingdom, a special authorization issued by the British
supervisory commission is required. The inclusion of these two exchanges on the
warning list indicates that Huobi and KuCoin lack such authorization.
@kucoincom and @HuobiGlobal were included on the @TheFCA ‘s warning list this weekend, along with over 140 other entities. pic.twitter.com/vWNZuucnCy
— Damian Chmiel (@ChmielDk) October 9, 2023
There are
many cryptocurrency exchanges worldwide; however, according to current…
