Regulation
Huobi, KuCoin Among Crypto Firms Added to UK Watchdog’s Warning List
- Warning says firms may be promoting products without approval
- Nearly 150 firms added to the FCA’s list on first day of rules
The website of Huobi Global.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
Crypto exchanges Huobi and KuCoin were among dozens of digital asset companies added to the UK Financial Conduct Authority’s warning list on Sunday for marketing their services in the UK without proper approvals, as the regulator tightens its grip on the industry.
The UK’s rules on financial promotions were widened starting on Oct. 8 to include cryptoasset service providers — regardless of their location. All crypto platforms are now required by the regulator to display clear risk warnings to UK-based consumers and meet higher technical standards, including a 24-hour cooling-off period for new customers.