The UK’s FCA has revealed a list of cryptocurrency exchanges that are authorized to provide services in the country.
Huobi and KuCoin are among the cryptocurrency exchanges customers were advised to avoid.
Huobi And KuCoin Yet To Be Authorized By The UK’s FCA
The United Kingdom’s financial markets regulator, The Financial Conduct Authority (FCA), published a new list of authorized cryptocurrency exchanges in the country. The regulator also added several crypto exchanges to its warning list of non-authorized firms that customers “should avoid.”
The FCA added 143 new entities to the warning list, including major cryptocurrency exchanges like Huobi-owned HTX and KuCoin. The regulator warned users to avoid dealing with these firms.
Companies permitted to carry out cryptocurrency activities will need to be registered with the FCA or obtain a temporary status to operate. The FCA is currently mulling over the possibility of filing criminal charges against companies that fail to register with the authorities.
In July, Jayson Probin, crypto financial promotions lead at the FCA, wrote that,
“We will take robust action against persons illegally promoting to U.K. consumers. This may include, but is not limited to, placing firms on our warning list requesting takedowns of websites, social media accounts, apps and all other promotions that are in breach, and enforcement action.”
The regulator recently revealed that since 2020, it has received 291 applications for registrations and has so far approved 38 of them. Some of the registered crypto asset providers in the country include Bitstamp, Gemini, and Revolut.
Bybit and PayPal recently halted cryptocurrency services in the UK until they figure out how to comply with the FCA’s requirements.