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Over 400 illegal crypto ads flagged by UK financial watchdog in 2023

Over 400 illegal crypto ads flagged by UK financial watchdog in 2023

The Financial Conduct Authority (FCA), the UK’s independent regulator for financial services, has intensified its scrutiny of financial promotions, particularly focusing on the crypto sector. A February 14 report from the FCA highlighted “significant levels of non-compliance” with the crypto promotion rules established on October 8, 2023. The regulator’s findings indicate a range of issues […]

Coinbase introduces New Compliance Measures for UK users

Coinbase introduces New Compliance Measures for UK users

Coinbase has mandated that its UK users undertake a new compliance process. This measure is a direct response to the Financial Conduct Authority’s (FCA) impending financial promotions regulations, set to come into effect on January 8. The exchange has communicated through emails that users must identify their investor type and complete a risk assessment form. […]

OKX implements new regulatory measures for UK users

OKX implements new regulatory measures for UK users

OKX has announced the introduction of stringent user verification procedures for its UK-based customers to align with the latest regulatory standards set by the UK Financial Conduct Authority (FCA), the cryptocurrency exchange It is also important to know that this development, effective from January 8, 2024, comes as part of the broader effort to enhance […]

UK’s FCA faces heat over crypto regulations

FCA

In a recent report by the National Audit Office (NAO), the UK’s Financial Conduct Authority (FCA) has come under scrutiny for its sluggish approach to enforcing cryptocurrency laws and its staffing challenges in the crypto sector. The report highlights concerns about the FCA’s ability to effectively regulate the rapidly growing cryptocurrency market. FCA Crypto enforcement […]

FCA’s firm hand in shaping stablecoin regulation

FCA

The Financial Conduct Authority (FCA) in the United Kingdom is set to uphold its stringent approach to cryptocurrency regulation, particularly focusing on stablecoins, as outlined in a recent discussion paper. While the UK government aims to position the country as a crypto hub, the FCA remains committed to ensuring the highest standards in the sector. […]

Understanding UK’s new crypto rules under FCA

UK may have crypto regulation within a year says senior minister

In the contemporary realm of crypto assets, the United Kingdom has asserted its stance with a new set of regulations that kicked in on October 8. However, this transition hasn’t been seamless; the low compliance levels are indicative of the existing confusion among crypto firms. In a move to bridge this gap and facilitate a […]

FCA Adds Multiple Crypto Exchanges to Warning List

FCA

The United Kingdom’s Financial Conduct Authority (FCA) has made significant additions to its list of non-authorized firms, warning consumers against engaging with them. On Sunday, October 8, the FCA updated its warning list, which now includes a total of 143 entities, including major cryptocurrency exchanges like HTX (owned by Huobi) and KuCoin. These developments underscore […]

Binance adjusts to UK regulatory shifts post FCA’s canceled permissions

Binance, a prominent cryptocurrency exchange, has introduced a specialized domain catering to its users in the United Kingdom (UK). This strategic initiative represents a substantial effort towards aligning with the UK’s recently updated Financial Promotions Regime. Additionally, the exchange has joined forces with Rebuildingsociety.com Limited, a firm regulated by the Financial Conduct Authority (FCA). This […]

FCA issues warning to unregistered crypto firms on new promotions regime

JasperArt 2023 09 21 19.03.57 upscaled

The UK’s Financial Conduct Authority (FCA) has warned unregistered crypto firms sternly, highlighting their apparent lack of engagement with the impending financial promotions regime. The regulatory body expressed significant concerns, particularly regarding overseas crypto asset firms catering to UK customers who would prefer to interact with the FCA. The FCA revealed that, despite rigorous efforts, […]

FCA to swiftly address bank service denials to UK politicians

FCA to swiftly address bank service denials to UK politicians

The Financial Conduct Authority (FCA) is tightening the noose. While some regulators might tread lightly, hesitant to shake up the establishment, the FCA shows no such restraint. They’ve drawn a line in the sand, promising swift action against any financial institution that’s found playing dirty, particularly against politicians and their kin. Balancing Risk Assessment and […]

Banking sector on edge as FCA examines savings rates

Banking sector on edge as FCA examines savings rates

The drama surrounding savings rates in the UK’s banking sector is reaching a fevered pitch. The Financial Conduct Authority (FCA) – the watchdog for these financial powerhouses – has stepped into the arena, casting a shadow of apprehension over numerous banks and building societies. The message? It’s high time the scales tilt in favor of […]

PayPal halts UK cryptocurrency purchases in response to new regulations

PayPal launches a cryptocurrencies hub feature

PayPal, the global online payments giant, has announced a temporary suspension of cryptocurrency sales in the United Kingdom. The decision comes in response to new regulations introduced by the Financial Conduct Authority (FCA). These regulations mandate a 24-hour cooling-off period and require “clear risk warnings” to be provided to users before they can invest in […]

Bank of England takes charge of stablecoins regulations

Bank of England

The British government appears poised to recalibrate the balance of influence between two pivotal financial entities, namely the Bank of England (BoE) and the Financial Conduct Authority (FCA), favoring the former. This development emerges from a comprehensive 40-page response to a consultation process, which was unveiled by the esteemed His Majesty’s Treasury on the 7th […]

Why the FCA CEO Warns About AI Disruption in the Financial Services Sector

ai disruption

The Chief Executive Officer of the Financial Conduct Authority (FCA), Nikhil Rathi, has raised concerns about the increasing risk of artificial intelligence (AI) in the financial services sector. Speaking to industry leaders, Rathi highlighted the potential for AI to disrupt the industry in unprecedented ways, particularly regarding cyber risk and online fraud. He warned that […]

FCA takes down illegal crypto ATMs in the UK, issues strong warning

Crypto ATMs

The Financial Conduct Authority (FCA), the renowned financial watchdog in the United Kingdom, announced the disruption of 26 out of 34 cryptocurrency ATMs it inspected. Firmly addressing the UK crypto ATM operators on February 14, the FCA issued a stern warning, clarifying that compliance with legislation or facing closure of illicit activities was the only […]

FCA investigating Crispin Odey for alleged illegal misconduct

FCA lays out scale of investigation into Crispin Odey

The Financial Conduct Authority(FCA) has confirmed that it is looking into Crispin Odey and Odey Asset Management, a hedge fund, to see whether the hedge fund manager passes its “fit and proper” test to work in the financial industry amid allegations of his misconduct. The financial watchdog is looking into claims that Odey dismissed the […]

UK’s FCA reminds crypto firms of October marketing compliance deadline

UK's FCA reminds crypto firms of October marketing compliance deadline (1)

The United Kingdom’s Financial Conduct Authority(FCA) has released an official notice asking all crypto asset firms marketing to users to ensure compliance by October 2023. Crypto companies operating within the FCA’s regime have only four routes when it comes to marketing to be compliant with the regulatory body, according to the notice. Crypto firms need […]

FCA digital assets head resigns less than a year after joining

FCA’s head of digital assets leaves less than one year after joining

Binu Paul, the head of digital assets for the U.K.’s Financial Conduct Authority (FCA), has bid the organization goodbye less than a year after being appointed. Paul initially worked as a fintech specialist lead at the Financial Markets Authority in New Zealand. Last year in October, he was appointed to join the UK FCA, whereby […]

Companies that are unauthorized to operate in the UK

UK FCA Warning List of unauthorised firms

In the UK business landscape, a few reckless firms seek to circumnavigate the authorized financial corridors, operating without the necessary permits and accreditation. This operation mode not only casts a shadow over the industry’s reputation but also leaves consumers unprotected, vulnerable to the possible downsides of these gray-market manoeuvres. A cautious approach to UK unauthorized […]

U.K. financial watchdog to ban promotional incentives

Bank of England clears path for digital pound backed by Project Rosalind study

In a move that could significantly impact the crypto industry, the U.K.’s Financial Conduct Authority (FCA) is set to implement new rules that would prohibit the distribution of free non-fungible tokens (NFTs) and cryptocurrencies through airdrops as part of promotional campaigns. An official at the FCA confirmed the impending restrictions, stating that after the rules […]

UK’s FCA declares war on rogue crypto ATMs

Crypto ATMs

UK’s Financial Conduct Authority (FCA) is intensifying its efforts to combat the proliferation of illegal crypto ATMs across the country. In a recent crackdown, the FCA has conducted inspections in Exeter, Nottingham, and Sheffield in collaboration with regional police forces, targeting unauthorized crypto ATMs, which are considered to pose significant money laundering risks. FCA aims […]

UK government cracks down on crypto cold calls to combat fraud

UK government cracks down on crypto cold calls to combat fraud

The UK government has banned cold calls selling financial products, including insurance and cryptocurrencies, to tackle fraud. However, fraud is estimated to cost the UK around £7 billion ($8.7 billion) annually. The government’s new fraud strategy involves creating 400 new jobs to modernize its approach to intelligence-led policing. Collaboration with Ofcom to counter phone number […]

UK’s FCA goes after illegal crypto ATMs operators

FCA

The Financial Conduct Authority (FCA), the United Kingdom’s financial regulator, is coming for unregistered crypto ATMs. FCA  has joined forces with the West Yorkshire Police to combat operators of cryptocurrency ATMs in the northern English city of Leeds. The cyber division of the West Yorkshire Police has found “several live crypto ATMs” without specifying their […]

FCA warns U.K. crypto companies to expect new restrictions on financial promotions

UK FCA

On Monday, U.K.-based cryptocurrency companies were strongly urged to be ready for new regulations concerning financial promotions; the Financial Conduct Authority (FCA) advised that any violations could result in a two-year jail sentence. The financial regulator announced that the regulations on cryptocurrencies would resemble those of other high-risk investments, ensuring transparency and fairness in marketing. […]

MoonPay has been granted registration by U.K. regulator FCA

MoonPay

The Financial Conduct Authority (FCA) in the United Kingdom has granted MoonPay, a cryptocurrency payments app with a valuation of $3.4 billion, a regulatory license.  At this time, the FCA only has a limited amount of control over the cryptocurrency business; however, they anticipate being granted further authority if the Financial Services and Markets Bill is […]

UK finalizes plan for crypto regulation

UK

The crypto events of 2022 have necessitated centralized regulation. The industry has been hemorrhaging for months, causing investors suffering and loss. Now that the United Kingdom(UK) has mastered crypto regulation, there is no turning back. The UK Treasury is apparently finalizing a framework for the regulation of the cryptocurrency industry. UK Treasury takes final steps […]

FTX is under regulatory fire in the UK. Are its consumers in danger?

FTX

The UK financial regulator is on the trail of FTX. The Financial Conduct Authority has said that the cryptocurrency exchange FTX may be offering financial services or products in the United Kingdom without its license. FTX is one of the world’s largest crypto exchanges. This year, it has raised its profile by helping digital asset […]

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