The Financial Conduct Authority (FCA) has expanded its watchlist, flagging 143 new crypto entities. Notably, this includes renowned cryptocurrency exchanges such as the Huobi-owned HTX and KuCoin. The FCA emphasizes that for firms to service UK customers, acquiring authorization or registration is non-negotiable.
A review of the FCA’s records reveals a selective list of firms greenlit for crypto operations within the UK. Esteemed names like Bitstamp, eToro, Paysafe, Komainu Revolut, and Gemini have already secured their places. However, at the time of this report, there remains a silence from HTX and KuCoin, with neither having responded to inquiries from CryptoSlate.
Crypto Exchanges Align with FCA’s Stipulations
As the Oct. 8 deadline looms, crypto entities are hustling to adapt to the FCA’s freshly minted financial promotions regime. This stringent set of guidelines comes with clear stipulations: crypto companies wishing to market their products in the UK must strictly adhere or risk facing severe consequences – from two-year imprisonments to unlimited fines.
Leading the pack, exchanges like OKX and Binance have exhibited adaptability. Over the past weekend, they have unveiled their strategic shifts ensuring they remain on the right side of the regulations.
Binance, in a user-centric move, introduced a dedicated subpage for its UK clientele on Oct. 6. This platform facilitates a plethora of activities for UK users, from fiat and crypto asset transactions, spot and margin trading, to diving into the vibrant NFT market and exploring crypto lending opportunities.
Additionally, OKX showcased its newly tailored user experience designed for the UK market. This makeover, in line with FCA’s stipulations, incorporates a crucial crypto risk advisory. Additionally, OKX has refined its crypto offerings, now boasting around 40 assets.
However, the path isn’t as clear for some. Various crypto firms, grappling with the evolving regulations, have hit the pause button on their UK operations. Significantly, giants like PayPal and Bybit have temporarily halted their services, indicating the weight of the FCA’s new regulatory paradigm.
Bitcoin Versus is not a financial advisor. This media platform reports on financial subjects purely for educational and entertainment purposes only. The information provided on this platform is not intended as investment, tax, legal, or other professional advice. You should not rely on this information as a substitute for individual advice from a licensed professional. Do your own due diligence and contact a professional financial advisor for any advice on how to invest your money.
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