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UK Financial Markets Regulator Warns About Unregistered Crypto-Asset Firms: Report
The FCA is warning consumers, banks and payment services about dealing with unregistered crypto-asset firms.
The U.K.’s Financial Conduct Authority said there are 111 unregistered crypto-asset firms operating in the country and they pose a risk to the broader financial system, according to a Reuters report.
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- The FCA said that since January when it was appointed as anti-money laundering and counter-terrorist financing supervisor of crypto-asset firms, it has become compulsory for businesses to obtain full registration before they can begin trading.
- “We have a number of firms that are clearly doing business in the U.K. without being registered with us and they are dealing with someone: banks, payment services firm, consumers,” Mark Steward, the FCA’s head of enforcement and market oversight, said at an event organized by City & Financial Global, a conference and webinar firm, Reuters reported on Tuesday.
- Steward said the regulatory body is the concerned about the unregistered crypto-asset firms operating because they pose a “very real risk.”
- Of the estimated almost 2.5 million Britons who hold crypto assets, many are new investors and aren't very knowledgeable about the associated risks, he said.
Read more: UK’s AML Rules Could Force Up to 50 Crypto Firms to Cease Trading: Report
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
