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Huobi’s HTX and KuCoin were among the cryptocurrency exchange companies that have been flagged by the Financial Conduct Authority (FCA) of the United Kingdom. The UK finance regulator released its list of registered crypto service providers, and surprisingly, it did not include several well-known names in the business.
Following its posting of the list, the FCA warned the public against using crypto exchanges such as Huobi, KuCoin, and over 140 others. The finance watchdog said these are “non-authorized,” which means they do not have proper licenses to operate or were not approved by the authorities.
The Warning List of the UK’s FCA
The regulator said that only 42 groups are registered crypto asset providers in the country, and this list remained the same since August this year. While it did not add a new name to the licensed groups, the FCA expanded its warning list of unauthorized firms by adding a number of crypto exchanges.
According to CoinTelegraph, the authorities added 143 new groups to the warning list, including Huobi’s XTX and KuCoin, considered major exchanges. The FCA asked them to avoid dealing with the companies on the list to protect the public.
“Make sure you only deal with authorized firms. If you deal with an unauthorized firm, you won’t be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong,” the FCA warned.
The Regulator’s Clear Message to Crypto Exchange Operators
CoinSpeaker reported that the UK’s financial authority has been tasked with regulating and controlling financial services in the country, including anything related to cryptocurrencies. Part of its work is to ensure that companies operating within its jurisdiction comply with the necessary regulations to protect customers while also upholding the integrity of the UK’s financial system.
By posting the warning list, the FCA is sending a clear message that entities that fail to comply with the regulatory requirements are not allowed to operate in the country. The companies may also face criminal charges if they attempt or continue to operate without proper licenses.
