Beware: UK Regulator Sounds Alarm on Unregistered Cryptocurrency Firms

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UK Regulator Sounds Alarm on Unregistered Cryptocurrency Firms

The Financial Conduct Authority (FCA), the British financial watchdog, has warned 143 cryptocurrency firms operating in the UK without the necessary permissions. The FCA has expressed deep concerns about these unregistered firms operating without oversight, posing potential risks to investors. Notably, prominent cryptocurrency exchange Huobi/HTX and digital asset trading platform KuCoin are among the firms included in this cautionary list.

Here is a glimpse of the list of the unregistered cryptocurrency firms.

Name Date added Date updated
CRYSTAL FX (new) 04/10/2023
TFX Pro (updated) 04/10/2023
Cash in Hands / cashinhands.uk (Clone of FCA Authorised Firm) (updated) 03/10/2023
Premier Group Financial Services (Clone of UK registered company) (updated) 03/10/2023
GBG Limited / gbglmtd.com (Clone of FCA Authorised Firm) (new) 03/10/2023
Fbs Fx Trading (new) 22/09/2023
law-financial.com / Lawfinancial.info/ www.lawfinancial.org.uk/ www.lawfinancial.info (Clone of FCA Authorised Firm) (updated) 02/10/2023
Asset Flow Traders (new) 02/10/2023
BlackRock Advisors (UK) Ltd / BlackRock Investment Management (Clone of FCA Authorised firm) (updated) 02/10/2023
CRYPTOASSETFORTRESS / CRYPTOASSETFORTRESSLTD (updated) 02/10/2023
GainGround (new) 02/10/2023
Finec Royal Technology (new) 29/09/2023
GlobalOnlineFX (new) 29/09/2023
Olympicplatforms247 (new) 29/09/2023
CryptoExpertTrade (new) 29/09/2023
Bit Finance Live Iq (new) 29/09/2023
Sogtradex (new) 29/09/2023
SmartMetaTrader (new) 29/09/2023
Option Mkts / optionmkts.com (new) 29/09/2023
ActionFXTrade (new) 29/09/2023
TIO Market Trading/ Tiomarkets-trading.com (Clone of FCA Authorised firm) (new) 28/09/2023
Crypto Pips Academy (new) 22/09/2023
FX Trading Digital Pay (new) 22/09/2023
Coverfast (clone of FCA authorized firm) (updated) 28/09/2023
STANDARD ROYAL BANK (new) 28/09/2023

 

The FCA underscores the perilous situation for investors dealing with these unregistered entities, emphasizing that legal protections will not cover them. Investors are urged to exercise extreme caution, as the risk of encountering fraudulent activities is significant. Furthermore, in the event of losses, affected investors may find themselves without access to legal assistance.

The FCA’s unexpected inclusion of Huobi/HTX and KuCoin in this list has sent shockwaves through the investor community. Non-compliance with regulations has become a troubling trend among such platforms, resulting in adverse consequences. Experts argue that this announcement may lead to more firms facing difficulties due to increased regulatory scrutiny. These developments underscore the pressing need for more effective regulatory oversight within the volatile cryptocurrency industry.

See Also: Judge Torres Denies SEC’s Request for Interlocutory Appeal in Ripple Case

While the FCA’s approach has garnered criticism from certain quarters, this warning should serve as a wake-up call for regulatory authorities and cryptocurrency firms. It highlights the imperative for improved regulation to safeguard investors while fostering innovation and sustainable growth in the cryptocurrency sector.


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