In the land of royals and teatimes, cryptocurrencies are anything but royal affairs in the regulatory landscape. The UK’s Financial Conduct Authority (FCA) has drawn up a list of 143 firms suspected of not having the required authorization. This includes major names like Cukoin and HDX (formerly known as Hubi).
Great Britain puts these crypto exchanges on a warning list
The FCA describes the list as “firms and users who are suspected of not having regulatory authorization in the country to be wary of”. While no detailed details were provided, the clear message is that it is better not to do business with these companies, the official says. Press release Further.
In the UK, companies offering cryptocurrency services must be registered with the FCA or hold a provisional licence. The regulations are part of a comprehensive regulatory approach that has also banned advertising for cryptocurrency companies. Under the supervision of the FCA, many crypto advertisements have been banned from public transport and bus stops.
Great Britain: To Crypto Hub – Thanks To Crypto Finance Minister?
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From 2020: Out of 291 applications only 38 applications have been approved
The FCA has revealed that it has received a total of 291 applications since 2020, of which only 38 have been approved. It is increasingly clear that the UK is not doing things by halves when it comes to crypto regulation. Meanwhile, according to the FCA, only 42 companies are registered as crypto providers in the UK. These include names like BitPanda, Gemini and FinTech Revolution.
Even US payments giant PayPal has suspended cryptocurrency services for customers in the UK. In these times of uncertainty, the question remains: Will the country continue to tighten its stance on cryptocurrencies or is there room for future coexistence? We will have to wait and see. (mck)
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