The Financial Conduct Authority (FCA) in the UK has expanded the its list of non-authorized firms in the cryptocurrency space, warning customers to avoid dealing with them. This list now includes 143 new entities, including prominent exchanges like Huobi-owned HTX and KuCoin .
In the UK, firms engaged in crypto activities must be registered with the FCA or have temporary status. Failure to comply could result in criminal charges. The FCA has been stringent in approving registrations, with only 13% of 291 applications approved since 2020. Currently, the FCA’s registered list includes 42 entities. Paypal and Bybit have faced challenges complying complying with the FCA’s regulations, leading to the suspension of services.