Article • about 1 year ago
UK Financial Regulator Adds Huobi and KuCoin to Warning List as Cryptocurrency Regulations Take Effect
Summary
- The FCA has updated its warning list with 143 entities, primarily from the cryptocurrency sector.
- The list includes popular cryptocurrency exchanges, Huobi and KuCoin, which are accused of promoting financial services without necessary authorization.
- Promoting cryptocurrency services or any other services in the UK requires special authorization from the British Supervisory Commission.
- Only 42 entities are registered as crypto asset providers in the UK, according to current FCA data.
- The UK government has implemented new laws to regulate the promotion of crypto assets and protect UK residents from risky investments.
- The FCA issued reminders about complying with the new regulations at the end of September.
- Companies had opportunities to adapt to the changes since the FCA announced them in January 2022 and the UK government published specific guidelines in February 2023.
- The FCA expects businesses including social media platforms, app stores, search engines, domain name registrars, and payments firms to assist in protecting UK consumers from illegal promotions of cryptoassets.
📣 Related news
Loading news...
