Huobi and KuCoin are among the crypto firms added to the UK Watchdog alert list.

Oct 11
As the industry regulator tightens its grip, cryptocurrency exchanges Huobi and KuCoin were among hundreds of digital asset businesses that were placed on the UK Financial Conduct Authority's warning list on Sunday for advertising their services in Britain without the required authorizations.

No matter where they are located, crypto asset service providers are now subject to UK financial promotion regulations as of October 8. All cryptocurrency platforms must now comply with tougher technical standards, including a 24-hour cooling-off period for new customers, and display unambiguous warnings about the risks to UK consumers.
These companies might advertise financial services or goods without our consent. Huobi and KuCoin were two of the 147 companies added to the list, and the FCA issued a general warning about doing business with them. Requests for removing websites and applications, astronomical penalties, and even jail time are all possible sanctions for non-compliance.

"A spokesperson for Huobi, also known as HTX, stated that the firm does not operate or sell its services or products in the UK, and KuCoin does not operate in the UK but is committed to adjusting its products and services accordingly to ensure compliance with relevant laws and regulations in every country as far as is possible," said the company's CEO, Johnny Liu.

According to its website, Huobi claims to have operating permits for South America, Australia, the British Virgin Islands, Gibraltar, Lithuania, and Dubai but does not name the UK among its restricted territories.

KuCoin, situated in the Seychelles, claims that access to their site is prohibited in some nations, including Ontario, Canada, the United States, Singapore, Hong Kong, Mainland China, and Thailand. The list of forbidden locations does not include the UK.

According to Lucy Castledine, the regulator's director of consumer investment, the fresh warnings come in response to the UK's most recent initiatives to identify and jail cryptocurrency enterprises that violate broader legislation swiftly. As new violations are found, the FCA updates its list of infringement warnings hourly.

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