Google to require FCA registration for crypto ads targeting the UK

December 21, 2024 Coin Telegraph

Ads

Google said that advertisers who want to promote crypto exchanges and software wallets in the United Kingdom must be registered with the FCA.

Google advertisements promoting digital asset exchanges and wallets in the United Kingdom must register with the country’s financial services regulator when a new Google policy update takes effect in January 2025.

The search engine company said that starting on Jan. 15, 2025, advertisers offering crypto exchange products and services in the UK will be allowed to advertise if they meet certain requirements.

For crypto exchanges and software wallets, Google said it would allow ads to promote these products if they are registered with the Financial Conduct Authority (FCA).

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Barclays-backed Copper withdraws UK crypto license application

December 20, 2024 Coin Telegraph

Barclays

The UK FCA previously said that almost 90% of annual crypto license applications had failed as of September.

Update (Dec. 20, 10:40 am UTC): This article has been updated to include exclusive interview comments from Copper.

Copper Technologies, a cryptocurrency custody firm backed by British multinational bank Barclays, has withdrawn its crypto license application in the United Kingdom.

Copper withdrew its application to register with the UK’s Financial Conduct Authority on Dec. 20, saying it will shift focus to foreign hubs under its new CEO, the firm confirmed to Cointelegraph on Friday.

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A New Era Looms: FCA’s Vision to Reshape Crypto Rules by 2026

November 27, 2024 Bitcoin.com

bitcoin.com

The Financial Conduct Authority (FCA) is pushing for sweeping crypto regulations by 2026, tackling market abuse, decentralized assets, and trading platform oversight in its evolving framework. Inside the FCA’s Crypto Overhaul: What 2026 Means for the Industry The UK Financial Conduct Authority (FCA) has outlined a comprehensive plan to establish a full regulatory framework for […]

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FCA Secures First Conviction for Illegal Crypto ATM Operation in UK

October 1, 2024 Bitcoin.com

ATM

Olumide Osunkoya has pleaded guilty to illegally running a crypto ATM network across the UK. Even though the UK Financial Conduct Authority (FCA) denied his registration, his operation handled millions in cryptocurrency transactions. This case represents the first conviction of its type under the UK’s anti-money laundering laws. UK’s First Illegal Crypto ATM Conviction Unveiled […]

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UK finance regulator FCA a ‘deterrent’ to crypto industry, says CryptoUK

September 16, 2024 Coin Telegraph

Banking

UK regulators have approved only four out of 35 crypto business registrations in the last 12 months, deterring others from engaging with the process.

The lengthy, difficult registration process for crypto firms in the United Kingdom is acting as a deterrent to business, according to one local industry group.

CryptoUK, a self-regulatory trade association for the UK crypto industry, said some of its members “have expressed reluctance about the process” under the scrutiny of the Financial Conduct Authority (FCA).

A CryptoUK spokesperson told Cointelegraph that its members have “heard stories from organizations that have gone through it, and it’s quite a deterrent. The application is a huge ask in terms of resources, people and finances.”

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FCA Files First Charges Against Unregistered Crypto ATM Operator in UK

September 11, 2024 Bitcoin.com

AML

The UK’s Financial Conduct Authority (FCA) has charged Olumide Osunkoya for operating unregistered crypto ATMs in the country. This case is significant as it represents the first prosecution under UK law for such activities. Osunkoya is accused of running a network of crypto ATMs that processed £2.6 million in transactions without registration, violating anti-money laundering […]

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UK Regulator: 87% of Crypto Firms Fail to Meet Registration Requirements

September 9, 2024 Bitcoin.com

bitcoin.com

The UK Financial Conduct Authority (FCA) has revealed that over 87% of crypto registrations were either rejected, withdrawn, or refused as part of its ongoing efforts to combat fraud and enhance consumer protection. In its annual report, the FCA outlined new marketing rules for crypto assets. The regulator issued 450 consumer alerts against illegal crypto […]

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87% of crypto registrations failed in UK over ‘weak’ fraud, AML controls

September 6, 2024 Coin Telegraph

Coin Telegraph

Only 4 out of 35 crypto business registrations were accepted by the UK Financial Conduct Authority citing concerns with money laundering adherence.

Nearly 90% of crypto firms applying to be registered in the United Kingdom in the last 12 months failed to meet the standards of the country’s financial watchdog.

According to the UK Financial Conduct Authority’s (FCA) annual report for 2024, crypto firms had a hard time getting approved due to insufficiencies in their fraud protection and money laundering protocols.

“Over 87% of crypto registrations were withdrawn, rejected or refused for weak money laundering controls,” wrote the report.

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Nexo Reopens UK Registrations With Enhanced User Protections

September 5, 2024 Bitcoin.com

bitcoin.com

Nexo, a crypto lending platform known for offering instant crypto-backed loans and high-yield interest accounts, has resumed new user registrations in the United Kingdom after a 10-month hiatus, implementing enhanced user protections to comply with the Financial Conduct Authority (FCA) guidelines. The platform has introduced mandatory risk warnings, cool-off periods, and improved compliance measures to […]

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UK Regulator Fines Coinbase’s CB Payments $4.5 Million for Serving High-Risk Customers

July 26, 2024 Bitcoin.com

UK Regulator Fines Coinbase’s CB Payments .5 Million for Serving High-Risk Customers

bitcoin.com

The UK Financial Conduct Authority (FCA) has fined Coinbase’s payments arm, CB Payments Limited, £3,503,546 for breaching compliance rules by serving high-risk customers despite restrictions. The regulator explained that this marks the FCA’s first enforcement action against a firm facilitating cryptoasset trading. The violations involved significant transactions undetected for almost two years. FCA Fines Coinbase’s […]

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