ChainCatcher news, according to CoinDesk, the Chief Executive of the UK's Financial Conduct Authority (FCA), Nikhil Rathi, has been reappointed. Rathi is the first FCA CEO to be granted a new five-year term by the Treasury, giving him more time to implement his plans for the financial sector, including the cryptocurrency space.Under his leadership, the FCA has registered 51 cryptocurrency companies under anti-money laundering rules. Some of these companies include cryptocurrency and investment firms Coinbase, Revolut, eToro, and the recently joined largest asset management company BlackRock. The FCA is seeking to establish a new cryptocurrency regulatory framework by 2026 and introduce a brand new authorization process. The agency intends to release documents regarding stablecoins, trading platforms, staking, prudent cryptocurrency exposure, and lending early next year. This system will officially come into effect after the final policy statement is released in 2026.

ChainCatcher message: According to an announcement from the Financial Conduct Authority (FCA) in the UK, between December 30, 2021, and March 12, 2022, London resident Osunkoya operated unregistered cryptocurrency ATMs at 28 different locations through his company GidiPlus Ltd, with a value exceeding £2.5 million. He was ultimately sentenced to 4 years in prison. This ruling marks the first time in the UK that someone has been sentenced for unregistered crypto asset activities.Previously, the FCA collaborated with law enforcement agencies to crack down on illegal crypto ATMs nationwide. In 2023, the FCA visited 38 locations and dismantled 30 machines. The number of crypto ATMs advertised on CoinATMRadar in the UK has decreased from over 80 in 2022 to zero in 2024.

ChainCatcher news, according to Cointelegraph, the Austrian cryptocurrency platform Bitpanda is expanding its operations in the UK after receiving regulatory approval from the Financial Conduct Authority (FCA).Bitpanda announced on February 12 that it has been authorized to offer over 500 cryptocurrencies in the UK. This approval also allows Bitpanda to provide various crypto services to UK investors, including staking, savings plans, and crypto indices.

ChainCatcher news, cryptocurrency exchange Coinbase has obtained cryptocurrency registration approval from the UK's Financial Conduct Authority (FCA), allowing it to offer cryptocurrency services in the UK for the first time.A Coinbase spokesperson stated, "Our new UK VASP registration means that CBPL can not only continue to provide fiat services to our customers but can now also offer crypto services."It is reported that only 14% of applicants successfully obtain FCA licenses, and Coinbase took 6 months to complete the approval process.

ChainCatcher news, market maker GSR has received approval from the UK's Financial Conduct Authority (FCA). This move allows GSR Markets UK Limited to operate as a registered crypto asset business and provide services such as crypto asset trading for UK clients.

ChainCatcher news, according to the Financial Times, despite the regulatory authorities' request to remove illegal cryptocurrency advertisements, half of the banned ads remain online, and the UK's financial regulators have yet to penalize any companies for failing to remove illegal cryptocurrency ads. According to data obtained through a freedom of information request, of the 1,702 alerts issued by the UK's Financial Conduct Authority between October 2023 and October 2024, only 54% resulted in the closure of illegal crypto ads, apps, or websites.Regulators can impose fines or initiate criminal proceedings against groups that violate the new law, which aims to clean up the extensive promotion of illicit activities in the UK cryptocurrency market. The new regulations require cryptocurrency ads to be authorized by the FCA or an FCA-authorized firm before being published online; otherwise, regulators will take "tough" action. However, sources familiar with the process indicate that the FCA has not yet exercised any new powers. Instead, it is focusing on targeting "financial influencers," who promote such schemes online.

ChainCatcher message, Google announced on December 20 that it will implement new cryptocurrency advertising regulations starting January 15, 2025, as part of its financial products policy update. Advertisers for cryptocurrency exchanges and wallet services targeting the UK market must obtain registration certification from the Financial Conduct Authority (FCA) and be certified by Google before they can run ads.The new regulations clearly differentiate the advertising requirements for software and hardware wallets. Specifically, hardware wallet ads are limited to providing private key storage functions for assets such as cryptocurrencies and NFTs, and must not include trading services. Google stated that it will issue a warning at least 7 days in advance before suspending accounts to ensure compliance from advertisers.

ChainCatcher news, the UK's Financial Conduct Authority (FCA) has issued a warning, stating that the Solana ecosystem Meme coin project Retardio is suspected of providing financial services without authorization. The FCA emphasizes that users of this project will not have access to the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) protections.The regulator advises investors to avoid interacting with this project and warns of the scam risks associated with its social media accounts.

ChainCatcher news, according to Cryptoslate, the UK's Financial Conduct Authority (FCA) launched a public consultation on cryptocurrency regulation on December 16, 2024. The new framework aims to balance innovation and risk control, focusing on issues such as market manipulation and financial fraud.The FCA proposed to authorize trading platforms to share information on suspicious market abuse and will restrict the operations of unregistered crypto businesses. The consultation period will last until March 14, 2025, with a draft regulatory framework expected to be released in 2025 and plans for full implementation in 2026, covering areas such as trading activities, stablecoin regulation, and asset custody.

ChainCatcher news, according to the official website, the UK Financial Conduct Authority (FCA) has issued a warning to Pump.fun, stating that "the company may be offering or promoting financial services or products without our permission. You should avoid dealing with this company to prevent being scammed."Previous report, according to market news, the UK has banned access to the pump.fun website. According to screenshots of relevant notifications, if accessed from the UK, a message will appear stating that the website is currently not open to UK users under UK laws and regulations, and it also reminds users to withdraw tokens stored in private wallets.

ChainCatcher news, the UK's Financial Conduct Authority (FCA) has released a new research report showing that currently 12% of UK adults own cryptocurrency, up from the previous survey result of 10%.Based on a nationally representative study of 2,199 UK adults, it is estimated that the number of cryptocurrency holders in the UK will increase from 5 million in 2022 to 7 million.Only one in ten people said they did not do any research before purchasing cryptocurrency, but 20% of respondents indicated that "friends and family" were their main reason for buying cryptocurrency.

ChainCatcher news, according to CoinDesk, the UK's Financial Conduct Authority (FCA) has released a cryptocurrency regulatory roadmap, planning to officially implement a comprehensive regulatory framework by 2026.The roadmap indicates that the FCA will publish discussion papers related to market abuse and disclosure by the end of this year, and plans to release policy documents on stablecoins, trading platforms, staking, exposure to crypto assets, and lending in early 2024.Data shows that the number of cryptocurrency holders in the UK has grown by 4% over the past two years, with approximately 7 million adults currently holding crypto assets. Previously, UK Economic Secretary Tulip Siddiq stated that regulatory drafts related to cryptocurrencies, stablecoins, and staking would be introduced early next year.

ChainCatcher news, according to market news, the CEO of the UK's Financial Conduct Authority (FCA) stated that the FCA is experimenting with using artificial intelligence to process some applications, and one day AI will be able to make decisions on certain application contents.

ChainCatcher news, the Bank of England (BoE) and the Financial Conduct Authority (FCA) have launched a Digital Securities Sandbox (DSS), allowing companies to explore how to use Distributed Ledger Technology (DLT) for the notarization, maintenance, and settlement of financial securities.The FCA recognizes that developing technology has the potential to bring efficiency, transparency, and resilience to the market. The regulator stated that if these technologies are successfully implemented, they could make processes cheaper and faster, thereby "saving costs between the market and users." It emphasized that the DSS will facilitate the trading, settlement, and issuance of digital securities in the UK. This will be done on programmable and distributed ledgers while complying with the regulations of the Bank of England and the FCA.The FCA added that this initiative will strengthen the UK's position as a global financial center, creating the right conditions for investment and sustainable growth.

ChainCatcher news, according to a press release from the UK's Financial Conduct Authority (FCA) on Monday, Olumide Osunkoya has admitted to illegally operating a cryptocurrency ATM network, marking the UK's first conviction case involving cryptocurrency ATM operations. At a hearing held at Westminster Magistrates' Court, 45-year-old Olumide Osunkoya pleaded guilty to five charges.Sentencing for these offenses will take place at Southwark Crown Court, with a specific date to be determined.Previous news, the UK's Financial Conduct Authority (FCA) announced on September 10 that charges had been brought against 45-year-old London resident Olumide Osunkoya for illegally operating multiple cryptocurrency ATMs that were not registered with the regulatory body.

ChainCatcher news, according to Cointelegraph, the UK's cryptocurrency industry self-regulatory organization CryptoUK stated that the strict regulations from the Financial Conduct Authority (FCA) are hindering the development of the cryptocurrency sector.According to the organization, the registration process for UK cryptocurrency companies is lengthy and difficult, which poses obstacles to business growth. In the past 12 months, UK regulators have only approved 4 out of 35 cryptocurrency companies for registration.International law firm Reed Harris revealed that the FCA takes an average of 459 days to process a registration application, which is comparable to the time required to apply for a full banking license. Industry insiders are concerned that strict regulations may cause the UK to lose its competitiveness against more crypto-friendly regions.

ChainCatcher news, centralized cryptocurrency exchange CEX.IO has officially resumed its business operations in the UK. The company stated that its registration process now meets the compliance requirements of the UK's Financial Conduct Authority (FCA).CEX.IO had previously voluntarily suspended its services in the UK due to the FCA's implementation of new crypto asset financial promotion regulations in October 2023. The UK was one of CEX.IO's key markets, with local users accounting for 69% of its total customers in the European Economic Area before the suspension, and trading volume had increased by 26.9% month-on-month.Currently, the company offers 190 digital assets in the UK.

ChainCatcher news, according to Protos, based on a Freedom of Information request (FOI), the UK Financial Conduct Authority (FCA) has accumulated a processing time for crypto applications equivalent to 25 years. The Financial Times reported that the FOI submitted by the law firm Reed Smith shows that the average time for the FCA to assess crypto applications is 459 days.From May 2023 to April 2024, the number of submitted applications dropped to 29, a significant decrease compared to 42 and 59 in the previous two years. Only 7 applications were submitted in the first quarter of 2024.The report indicates that the number of crypto companies registered with the FCA has decreased by 51% over the past three years, with a total of 186 companies withdrawing their applications submitted to the financial regulator.Reed Smith partner Brett Hillis stated, "If the decline in applications is because crypto companies have given up waiting and started turning to overseas options, this should send a clear warning about London’s competitiveness."

ChainCatcher news, according to DL News, the UK's Financial Conduct Authority (FCA) has not approved any cryptocurrency company registration applications for six consecutive months, putting the country's vision of becoming a global hub for crypto assets technology on hold. FCA data shows that 34 applications were received in the past 12 months, with only 4 approved, the most recent of which was in February this year.The UK's Financial Conduct Authority stated that most crypto companies failed to meet its anti-money laundering standards, emphasizing that companies must be "appropriate and competent" and have systems in place to identify and prevent the flow of criminal funds. However, industry lobbyists complain that the FCA's rules are overly cumbersome and confusing, particularly regarding consumer marketing regulations. Nevertheless, the FCA is working with businesses to help them meet compliance requirements. Against this backdrop of tightening regulation, several companies, including Binance and PayPal, have suspended their crypto services in the UK.

ChainCatcher news, according to Cointelegraph, the UK's Financial Conduct Authority (FCA) has issued further guidance on compliance with cryptocurrency advertising. As of October 2023, the FCA has begun regulating the promotion of cryptocurrency services and continues to assist the industry in adhering to these regulations.The FCA reviewed relevant companies to understand their implementation of cooling-off periods, risk warnings, customer classification, suitability assessments, record-keeping, and due diligence on crypto assets. The regulator identified some good and bad practices and emphasized that companies should work directly with the FCA to raise standards across the industry. Two weeks after the new rules came into effect, the FCA discovered over 200 violations and issued additional rules to facilitate the compliance process.