fca
This London Man's £2.6M Crypto ATM Scheme Just Blew Up in His Face
- The UK's watchdog has charged a 45-year-old businessman for operating illegal BTC machines.
- It marks FCA's first criminal prosecution for unregistered crypto activities in the ATM sector.
Tuesday, 10/09/2024 | 09:14 GMT by
Damian Chmiel
Nearly 9 in 10 Crypto Registration Applications Failed UK AML Standards: FCA
- Only four applications were approved out of 35 reviewed in the fiscal year ending March 31.
- The challenging registration process has reportedly prompted some crypto companies to leave the UK.
Thursday, 05/09/2024 | 21:16 GMT by
Jared Kirui
Nexo Aligns with FCA’s Guidelines: Resumes Onboarding UK Clients
- The platform stopped onboarding new clients last year, days before the regulator’s new financial promotions rules became effective.
- It has now introduced the mandatory Investor Categorisation questionnaire and Appropriateness Assessment questionnaire for all users.
Tuesday, 03/09/2024 | 12:00 GMT by
Arnab Shome
UK Crypto Registration Applications Fall 51% over Three Years: FCA Data
- Withdrawn crypto applications decreased by 78% in the past year, reflecting compliance with FCA rules.
- UK crypto regulation faces challenges with fewer applications and lengthy approval times.
Wednesday, 28/08/2024 | 09:49 GMT by
Tareq Sikder
UK Treasury and FCA Sound Alarm on Looming Fraud Refund Scheme: Report
- The scheme requires banks and fintech firms to fully reimburse victims of authorized push payment fraud up to £415,000.
- However, there are concerns that the scheme could deter investment in the fintech sector.
Thursday, 22/08/2024 | 13:28 GMT by
Jared Kirui
FCA Slaps £276K Fine on FXTB for Unauthorised Investment Advice
- Customers were pressured into CFD trading and encouraged to borrow from friends and family, FCA claims.
- The initial fine of £1.21 million was reduced due to FXTB's demonstration of serious financial hardship.
Wednesday, 14/08/2024 | 09:56 GMT by
Tareq Sikder
FCA Steps Up Crypto Enforcement: Over 1,000 Warnings and 48 Apps Removed since October
- The regulator's actions reflect its commitment to protecting consumers from unregistered and potentially harmful crypto promotions.
- The FCA has published new guidance for registered firms, highlighting the importance of properly verifying consumer classifications before making financial promotions.
Wednesday, 07/08/2024 | 15:12 GMT by
Jared Kirui
FCA Identifies Compliance Issues in Crypto Firms: Failures in Financial Promotions
- The FCA found mixed results, with some firms meeting standards while others failed to comply.
- Firms need to enhance their systems and controls to avoid regulatory consequences.
Wednesday, 07/08/2024 | 09:58 GMT by
Tareq Sikder
FCA Imposes Restrictions on London Stone Securities over Excessive Fees
- The firm reportedly charged some of its clients fees exceeding 65% of their portfolio value.
- The FCA also found that London Stone Securities issued non-compliant financial promotions targeting vulnerable individuals.
Wednesday, 31/07/2024 | 12:40 GMT by
Jared Kirui
UK's Regulator Seeks Industry Feedback on Easing Financial Rules
- FCA is focusing on simplifying regulations in various sectors, including the commercial insurance market.
- The watchdog has reportedly improved its authorization process, now assessing 98% of cases within statutory deadlines.
Monday, 29/07/2024 | 16:54 GMT by
Jared Kirui
The UK Faces Potential “Crypto Catastrophe” Due to Staff Shortages at FCA
- The FCA has expanded its crypto workforce to over 100, but according to Quant, its policy team remains understaffed.
- The company forecasts, that this staffing imbalance poses challenges for effective crypto regulation in the UK.
Wednesday, 17/07/2024 | 12:50 GMT by
Damian Chmiel
FCA Cracks Down on SVS Securities Executives for Pension Fund Mismanagement
- They face fines and bans for allegedly investing £69.1 million of customer funds in high-risk bonds.
- According to the FCA, SVS execs prioritized company profits over client interests.
Monday, 24/06/2024 | 09:23 GMT by
Damian Chmiel
FCA and Police Collaborate in Arrests over Suspected Illegal Crypto Exchange
- Authorities seized devices and interviewed suspects, who were then released on bail.
- The exchange allegedly facilitated over £1 billion in unregistered crypto asset transactions.
Thursday, 20/06/2024 | 10:13 GMT by
Tareq Sikder
Court Sentenced Him to 4 Years in Prison, Now FCA Urges Investors to Claim Compensation
- The regulator calls on victims of Hudson's fraudulent activities to claim their share of court-ordered compensation.
- He was sentenced to 4 years behind bars in 2021 for his operations.
Thursday, 20/06/2024 | 07:43 GMT by
Damian Chmiel
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