- The United Kingdom’s financial markets regulator warns of establishments operating without approval in the region.
- The list includes cryptocurrency exchanges KuCoin and HTX Global (Formerly Huobi Global).
- The exchanges’ spokespersons denied marketing products within the United Kingdom.
The United Kingdom has demonstrated a growing interest in the cryptocurrency industry, implementing policies aimed at regulating the emerging asset class, and promoting the region’s dedication to becoming a leading digital hub.
In line with this commitment, the U.K.’s financial markets watchdog, the Financial Conduct Authority (FCA), is proactively bolstering its grip on the assets class, placing more entities under scrutiny by expanding its warning list.
Cryptocurrency Exchanges Under Scrutiny
The FCA has announced the addition of 147 new entities to its warning list, including prominent cryptocurrency exchanges KuCoin and HTX Global.
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The agency stated that it had identified unauthorized firms marketing fraudulent products and services within the U.K. without proper approvals. The additions to its list mark part of an ongoing effort to protect investors and oversee regional financial activities.
The regulators demand that firms wishing to continue operating within the U.K. must seek authorization from the FCA and accurately inform U.K.-based customers of the risks associated with crypto assets.
In response to the allegations, an HTX spokesperson denied the exchange’s operations in the United Kingdom, adding that the products and services are neither listed nor marketed in the region.
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In a Bloomberg interview, KuCoin executive Johnny Lyu emphasized that the exchange does not market within the U.K. He added that the exchange aims to ensure compliance where necessary.
The FCA added that some entities may still be unauthorized even if they haven’t been added to the list, warning that citizens who deal with the listed firms are prone to risks and will not be protected by the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS).
Huobi Global reclaims stolen assets from a September cyberattack after offering hackers a 5% bounty. Read more:
HTX Global Secures $8M Asset Return as Hacker Claims Bounty
Cryptocurrency exchanges Binance and OKX unveil new strategies to ensure compliance within the U.K. Read more:
Binance, OKX Revamp Exchange to Comply With UK FCA Policies
