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On October 8th, the Financial Conduct Authority (FCA) of the United Kingdom, responsible for overseeing the nation's financial markets, intensified its oversight of cryptocurrency exchanges. The regulator expanded its cautionary list, warning users about specific platforms, with 143 new additions. Notably, this list included two significant platforms, HTX (affiliated with Huobi) and KuCoin, aiming to advise the public against engaging with these named entities.
In the evolving financial landscape of the UK, only cryptocurrency companies formally registered with the FCA or those granted temporary approval are permitted to manage crypto transactions. Jayson Probin, overseeing crypto-related financial promotions at the FCA, had previously emphasized that non-compliance could result in legal consequences. The FCA is prepared to take stringent measures against entities violating regulations, including warnings, content removal demands, and potential legal actions.
Highlighting the rigorous screening process, data from August revealed the FCA's discerning approach. Since 2020, they've reviewed 291 crypto registration applications, with only 38 gaining approval, representing an approval rate of around 13%. Currently, there are 42 crypto service providers recognized by the FCA, including prominent names such as Bitstamp, Revolut, and Gemini.
Despite the increasing interest and adoption of cryptocurrencies, not all firms find it easy to navigate the UK market. PayPal, a well-known digital payment service, recently suspended its crypto services for British users to align with FCA standards.
Additionally, Bybit, a major cryptocurrency exchange based in Dubai, halted its entire range of services for its UK clientele last month, citing adjustments required to comply with evolving regulatory dynamics.
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