The British Regulator Warns 143 Crypto Firms, Including Huobi/HTX and KuCoin
- The British Regulator Warns 143 cryptocurrency firms operating without permission in the UK, raising concerns about lack of regulatory oversight.
- Popular cryptocurrency exchange Huobi/HTX and digital asset trading platform KuCoin are among the firms included in the FCA’s warning.
- The move by the FCA has sparked shock among investors and highlights the need for better regulatory oversight in the crypto industry.
The British regulator warns against 143 cryptocurrency firms operating without permission, including Huobi/HTX and KuCoin.
British Regulator Warns Against Unregistered Cryptocurrency Firms in the UK
The British financial watchdog, Financial Conduct Authority (FCA), has warned against 143 cryptocurrency firms operating without permission in the UK. The watchdog has raised concerns over these firms operating without being registered with the FCA. Investors could be at risk as these firms are not subject to regulatory oversight. Along with other firms, popular cryptocurrency exchange Huobi/HTX and digital asset trading platform KuCoin have also been included in the list.
The FCA has emphasized the risks to investors and stated that anyone who deals with these firms will not be protected by the law. The British regulator warns investors to exercise caution as they may encounter cases of fraud. Moreover, investors may not have access to legal aid if they suffer losses.
Heightened Scrutiny and Potential Consequences for Non-compliant Platforms
The move by FCA to include Huobi/HTX, and KuCoin in this list has come as a shock to many investors. We have seen a growing trend of such platforms failing to comply with regulations, leading to negative consequences. Experts believe that this announcement may result in many more firms struggling to stay afloat due to heightened scrutiny from authorities. Such developments also highlight the need for better regulatory oversight in the highly volatile crypto industry.
Despite criticism from some quarters for the regulator’s approach, this warning should serve as a wake-up call for authorities and cryptocurrency firms alike. We need better regulation to ensure investor protection while promoting innovation and growth in the crypto industry.
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