In a bold move aimed at safeguarding consumers, the FCA added 145 digital asset companies, including major exchanges Huobi-owned HTX and KuCoin, to its warning list.

This decision follows the FCA’s expansion of regulations to include cryptoasset service providers, regardless of their geographical location.

Cracking Down on Crypto

The United Kingdom’s Financial Conduct Authority (FCA) has taken a decisive step in its efforts to safeguard consumers and regulate the growing crypto industry.

We’ve issued 26 new #FCAwarnings to unauthorised and clone firms in the last 7 days.

Protect yourself and find all recent warnings https://t.co/0qLeqfLwyy pic.twitter.com/1R4HRI9rhQ

— Financial Conduct Authority (@TheFCA) October 6, 2023

On Oct. 8, the FCA expanded its warning list of non-authorized firms, adding 145 digital asset companies, including prominent exchanges Huobi-owned HTX and KuCoin. In the statement, FCA asserted:

“Promoting financial services or products without our permission is forbidden. Avoid dealing with these firms.”

In the UK, companies engaged in cryptocurrency operations must either be registered with the FCA or have obtained provisional permission to operate. Jayson Probin, the FCA’s lead for cryptocurrency financial promotions, emphasized in July that failure to comply could result in legal prosecution.

Failure to comply with FCA rules may lead to severe consequences, including website takedowns, substantial fines, and even legal action. Lucy Castledine, the FCA’s Director of Consumer Investments, empha