UK's FCA Adds 143 Crypto Exchanges, Including Huobi-owned HTX and KuCoin, to Warning List
In a recent move, the Financial Conduct Authority (FCA), the United Kingdom's financial markets regulator, has expanded its warning list to include major cryptocurrency exchanges, categorizing them as "non-authorized firms" that citizens "should avoid."
The warning list is accompanied by a statement advising to refrain from dealing with these firms. It includes 143 new entities, notably major crypto exchanges like Huobi-owned HTX and KuCoin.
The FCA's decision to add these exchanges stems from concerns about their operation without the necessary license or compliance with UK regulations, potentially putting customers at risk. Consequently, they strongly advise against engaging with any firm on the warning list, as it may expose individuals to fraud or other financial losses.
Exchanges listed in this manner are prohibited from operating within the UK. To be removed from the list, an exchange must either register with the FCA or obtain a temporary status permit allowing legal operations within the country.
In July, Jayson Probin, the crypto financial promotions lead at the FCA mentioned that anyone who does not comply with the rule would be charged as a criminal.
"We will take robust action against persons illegally promoting to UK 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."
As Huobi-owned HTX and KuCoin are significant players in the crypto industry, adding them to the warning list will raise concerns among UK crypto investors, who may now be hesitant to use these exchanges.
Amidst the issues related to the warning list, the UK's Financial Conduct
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