🚨 BREAKING NEWS: 🚨
UK BLACKLISTS Over 140 #Crypto Exchanges! What's the impact on YOUR Crypto? 🤔
📅 The Situation:
On October 8, the Financial Conduct Authority (FCA), the UK's financial markets regulator, added 143 #crypto entities to its warning list, signaling trouble ahead.
🔍 Major #Crypto Exchanges Affected:
- Huobi-owned HTX
- KuCoin
💼 Implications:
In the UK, #crypto firms must be registered with the FCA to operate. If not, they risk potential criminal charges. The warning list essentially tells consumers, "You should avoid dealing with this firm."
📊 FCA's Past Stance:
Since 2020, out of 291 applications for registration, the FCA has only approved 38, which is about 13%. Currently, 42 entities are on the FCA's approved list, including Bitstamp, Revolut, and Gemini.
🗣️ Reactions from Big Names:
- PayPal: They've temporarily stopped #crypto transactions for UK users until they can align with the FCA's requirements.
- Bybit: This Dubai-based crypto exchange suspended its services in the UK in September, citing regulatory changes.
🚫 FCA's Warning:
In July, an FCA representative stated that they would take decisive actions against those promoting crypto illegally in the UK. This could involve placing firms on the warning list, taking down online promotions, or other enforcement measures.
📝 Summary:
The FCA is taking a strict stance on regulating crypto firms in the UK. With the addition of 143 entities to their warning list, including major exchanges, it's evident they are actively enforcing these regulations. 🇬🇧💰 #CryptoRegulation #UKFinance $BTC $BNB $LTC