In an expansion to its warning list of unauthorised entities providing digital assets related services, FCA added Huobi and KUCOIN to the warning list that comprises nearly 150 companies.
On Sunday, the Financial Conduct Authority of UK has updated its warning list for the companies that are operating in UK without the proper compliance with the FCA. Notably, this time the list included two major exchanges, Huobi and KuCoin. This move is quite obvious as UK has shifted to new regulations for crypto on Oct, 8.
Alongwith the new regulations, UK watchdog made it mandatory for crypto service providers to reflect a risk warning to the UK customers and follow the compliances.
Read the story: What If BINANCE Ever Collapses......
“This firm may be promoting financial services or products without our permission. You should avoid dealing with this firm”. FCA stated to the consumers. This means that companies listed in the warning list may be subject to severe consequences as they might no be complying with the FCA rules. The consequences do not limit to a fine, there as well be website take downs and even an imprisonment.
However both Huobi and KuCoin are not registered in the UK and do not necessarily require to abide by the law of the land. But such is the global nature of cryptocurrencies that to remain active among the consumers of any country, crypto exchanges need to adhere to the rules and regulations set by any country from time to time. Huobi and KuCoin are no different for the regulators.
As Always Thanks For Reading.
Read more interesting Articles????
How We Both Can Get $25 Each: A Guide
Read More: A Story of Hope:How Bitcoin Changed Everything
Read More: "If Winter Comes, Can Spring Be Far Behind?"
follow me on Twitter @hodlxpress
