HTX, KuCoin among exchanges on UK’s FCA unauthorized operators list News ▸ UK ▸ Regulation
HTX, KuCoin among exchanges on UK’s FCA unauthorized operators list
The regulator stated that all financial firms serving UK customers must be authorized or registered with it.
2 min read
Updated: Oct. 9, 2023 at 11:57 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The United Kingdom’s Financial Conduct Authority (FCA) has published a list of 143 entities, including top crypto exchanges like HTX and KuCoin, operating within its jurisdiction without authorization.
The warning categorically stated that U.K. residents must “avoid dealing” with these firms because they would not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
The regulator further reiterated that all financial firms in the UK must be authorized or registered with it.
Per the FCA’s register, only 42 firms, including Bitstamp, eToro, Paysafe, Komainu Revolut, and Gemini, are approved to provide crypto-related activities within the region.
HTX and KuCoin were yet to respond to CryptoSlate’s request for comment as of press time.
Exchanges forced to comply with FCA’s financial promotions regime
Meanwhile, the FCA’s new publication is approaching the Oct. 8 deadline set for crypto entities to comply with its new financial promotions regime.
The financial promotions regime outlines several guidelines for crypto firms before promoting their products within the region. The FCA had promised to enforce this regulation strictly and threatened that violators could be punished with two years imprisonment, an unlimited fine, or both.
Over the weekend, several crypto firms, including OKX and Binance, revealed how they have restructured their businesses to remain in compliance with the regulator.
On Oct. 6, Binance launched a new subpage to serve its U.K. customers. The exchange users in the country would be able to deposit and withdraw fiat and crypto assets, perform spot and margin trading activities, and enjoy other features like conversions, NFT markets, crypto lending, etc.
OKX also introduced a new user experience tailored to the U.K. market, aligning with FCA regulations. A prominent addition to the revamped interface is a crypto risk advisory mandated by the FCA. Simultaneously, the exchange has streamlined its crypto offerings to around 40 assets.
In contrast, several other cryptocurrency firms have paused operations for their U.K. clientele as they work to meet the new regulatory standards. Notably, both PayPal and Bybit have suspended their services in the country.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.