FCA issues another warning to unregistered crypto firms as promotional rules take effect

UK FCA targets 146 crypto companies in new warning as it embraces new crypto promotional rules

article-image

Ralf Liebhold/Shutterstock modified by Blockworks

share

The United Kingdom’s Financial Conduct Authority targeted 146 crypto companies in a new warning, following the rollout of the new promotional rules which require companies to register with the FCA.

The warning, which is the first since the rules went into effect, is the latest in a series from the FCA to attempt curbing illegal financial promotions targeting UK customers. 

As part of the warning, the FCA published a warning list of those who have not registered with the FCA. The list includes KuCoin and Huobi, among others.

“We take a risk-based approach, so not all firms of potential concern will be added straight away. This list will be continually updated as we identify firms which may be illegally communicating crypto asset promotions and are failing to engage with us constructively,” the FCA said in its warning.

Some companies, including OKX and Binance, announced that they’re working to comply with the FCA’s promotional rules. 

Komainu joined the ranks of FCA-registered companies on Friday, Oct. 6. Under the new rules, Komainu is registered as a custodian wallet provider. 

“This is a key regulatory milestone as the UK remains one of the most important hubs for financial technology and innovation that will spur the convergence of traditional and decentralized finance,” CEO Nicolas Bertrand said.

PayPal announced in August that it was “temporarily” pausing the ability of UK customers to buy crypto on its platform so that it could ensure it followed the new regulations. PayPal is aiming to offer the services again in 2024, according to reports. 

ByBit also announced that it would be suspending services in late September. 

“Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” it said in a blog post at the time. 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

As Satoshi-era wallets saw over $8 billion worth of BTC on the move, Congress is gearing up for “Crypto Week”

article-image

Bitcoin’s runaway success was partly driven by Slashdot

article-image

Blockworks Research data shows that VC spending is back on the rise after a slow May

article-image

After rejecting a bid from the AI cloud-computing startup last year, Core Scientific agreed to be acquired in a deal expected to close by Q4 2025

article-image

Sponsored

Plume’s collaboration with TRON will unlock cross-chain RWA yield for one of the world’s largest blockchain ecosystems

article-image

Who needs gold when you have taxes?