Among other news, an updated list by the United Kingdom FCA shows several cryptocurrency exchanges as not authorized to operate.
The UK’s financial markets regulator, known as the Financial Conduct Authority (FCA), included several cryptocurrency exchanges on its updated warning list a few days ago of unauthorized companies that customers should avoid.
A total of 143 new entities were added to this warning list. Among which are important Exchanges such as HTX, owned by Huobi, and KuCoin. Although the warning list does not provide exhaustive details, its main statement is clear:
“You should avoid dealing with this firm.” In the UK, companies wishing to carry out activities related to crypto assets must be registered with the FCA or have obtained temporary status to operate.
In July, Jayson Probin, the FCA’s head of crypto-financial promotions, warned that failure to comply with these regulations could lead to potential criminal charges.
The UK is not alone: the United States has also been cracking down on non-compliant crypto ads. Earlier this year, the New York Department of Financial Services (NYDFS) released guidelines for crypto and stablecoin advertisements. French lawmakers have also called for a ban on the promotion of crypto assets.
OKX Cryptocurrency Exchange Aligns Marketing Practices with UK FCA Regulations
OKX joins the list of companies that have adapted to the recent crypto marketing regulations established by the FCA in an effort to meet the growing demands for industry oversight in the country.
As of last week, unregistered cryptocurrency companies are required to cease any type of illegal financial promotion aimed at consumers in the United Kingdom.
OKX issued a statement regarding FinProm compliance on October 6. The exchange said it had reduced its token offering to about 40 assets and adopted eye-catching risk warnings on its interface. One of these warnings is located at the top of the OKX home page, inviting investors to take a few minutes to learn more about the risks of crypto investing.
Binance Announces Launch of New Domain and Partnership with Rebuildingsociety in Seeking to Comply with UK FCA
Binance announced a major step towards compliance with regulations in the United Kingdom by launching a new domain for its users in the country. Additionally, the cryptocurrency exchange platform has partnered with local peer-to-peer lending platform, Rebuildingsociety.
In line with these compliance updates, Binance retail users in the UK will be redirected to a localized domain starting October 8. This domain will only display Binance products and services that comply with UK regulations. These products include spot and margin trading, Binance Pay, its non-fungible token (NFT) marketplace, lending, and other authorized services.
US Prosecutors Attempt to Restrict Asset Recovery Arguments in Sam Bankman-Fried Case
United States prosecutors have filed a request with the court, arguing that their legal team be prohibited from presenting arguments related to the possible recovery of FTX clients’ assets invested in Anthropic.
Bankman-Fried’s $500 million investment in the AI startup in April 2022 is under scrutiny. Since the US government alleges that it was carried out using funds misappropriated from FTX customer deposits.
US prosecutors argue that recent news about the company’s high valuation could increase the value of Bankman-Fried’s investment. Which, in the event of FTX bankruptcy, could facilitate the recovery of funds for FTX clients and other creditors.
By Audy Castaneda
