FCA issues another warning to unregistered crypto firms as promotional rules take effect

The United Kingdom’s Financial Conduct Authority targeted 146 crypto companies in a new warning, following the rollout of the new promotional rules which require companies to register with the FCA.

The warning, which is the first since the rules went into effect, is the latest in a series from the FCA to attempt curbing illegal financial promotions targeting UK customers. 

As part of the warning, the FCA published a warning list of those who have not registered with the FCA. The list includes KuCoin and Huobi, among others.

“We take a risk-based approach, so not all firms of potential concern will be added straight away. This list will be continually updated as we identify firms which may be illegally communicating crypto asset promotions and are failing to engage with us constructively,” the FCA said in its warning.

Some companies, including OKX and Binance, announced that they’re working to comply with the FCA’s promotional rules. 

Komainu joined the ranks of FCA-registered companies on Friday, Oct. 6. Under the new rules, Komainu is registered as a custodian wallet provider. 

“This is a key regulatory milestone as the UK remains one of the most important hubs for financial technology and innovation that will spur the convergence of traditional and decentralized finance,” CEO Nicolas Bertrand said.

PayPal announced in August that it was “temporarily” pausing the ability of UK customers to buy crypto on its platform so that it could ensure it followed the new regulations. PayPal is aiming to offer the services again in 2024, according to reports. 

ByBit also announced that it would be suspending services in late September. 

“Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” it said in a blog post at the time. 

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