UK cracks down: Hundreds of crypto exchanges hit with FCA warnings in Oct.
The UK's FCA issued hundreds of warnings to unregistered crypto exchanges in October and is taking legal action against non-compliant firms.Summary
The UK's Financial Conduct Authority (FCA) is intensifying its regulation of the crypto industry by issuing hundreds of warnings to unregistered exchanges in October, including Elite Bit Markets, Nexure Gainbit, Plux Crypto, and HTX. The FCA confirmed it filed a lawsuit against HTX for promoting services to UK residents. Crypto firms must register with the FCA and comply with 2023 financial promotions rules to serve UK residents. The FCA stated it will act against firms breaching rules, despite noting positive reactions from some firms. These regulations categorize financial instruments by risk, imposing strict consumer protection guidelines, including risk warnings and KYC requirements, particularly for Restricted Mass Market Investments like most cryptocurrencies. Violations of advertising laws can result in up to two years in prison for executives.
(Source：Cointelegraph)