FCA list Unregistered Cryptoasset Businesses

Good service for the public by the FCA. This page is consistently updated for you benefit. https://register.fca.org.uk/s/search?predefined=U

This page contains the names of UK businesses that appear to be carrying on cryptoasset activity that are not registered with the FCA for anti-money laundering purposes. Please note that this is not a complete list of all unregistered cryptoasset businesses that are operating in the UK. It contains the details of unregistered businesses that we are aware are currently operating.

From 10 January 2020, firms carrying out specific cryptoasset activities in the UK will need to comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and register with the FCA. Please visit our webpages on cryptoassets AML/CTF regime. opens in a new window and cryptoasset registration. opens in a new window for more information.

To check if the firm that you are dealing with is registered for cryptoasset activities, you can search from the main page of this FS Register.

Firm Name  Principal Place of Business Contact Number Website descendingDate Added
Coinnection Ltd86-90 PAUL STREET, LONDON, EC2A 4NE, UNITED KINGDOMhttp://www.coinatmradar.com/bitcoin_atm/14403/bitcoin-atm-general-bytes-london-borough-of-enfield-imobile/09 Mar 2021
Bitmorex Limited2ND FLOOR, HANOVER HOUSE, 30 CHARLOTTE STREET, MANCHESTER, M1 4EX, UNITED KINGDOMhttp://www.bitmorex.com09 Mar 2021
Crypto-Asset Management Ltd20-22 WENLOCK ROAD, LONDON, N1 7GU, UNITED KINGDOMhttp://www.crypto-asset.net26 Mar 2021
Crypto Traders Ltd20-22 WENLOCK ROAD, LONDON, N1 7GU, UNITED KINGDOMhttp://www.crypto-traders.ltd25 Mar 2021
Coin Corner Ltd71-75 SHELTON STREET, COVENT GARDEN, LONDON, WC2H 9JQ, UNITED KINGDOMhttp://www.coincorner.biz23 Mar 2021
Crypto Factor Limited20-22 WENLOCK ROAD, LONDON, N1 7GU, UNITED KINGDOMhttp://www.cryptofactorlimited.com23 Mar 2021
Bitcoin Holdings Ltd20-22 WENLOCK ROAD, LONDON, N1 7GU, UNITED KINGDOMhttp://www.bitcoinfibers.com23 Mar 2021
ETHLYTE CRYPTO LTD20-22 WENLOCK ROAD, LONDON, N1 7GU, UNITED KINGDOMhttp://www.ethlyte.tech23 Mar 2021
BitmentumARCH 8, PALMERSTON ROAD, ABERDEEN, AB11 5RE, UNITED KINGDOMhttp://www.bitmentum.co.uk09 Mar 2021
TT Blockchain Solutions Ltd223 ALLENSBANK ROAD, CARDIFF, CF14 3QZ, UNITED KINGDOM09 Mar 2021
Bitxerohttp://www.bitxero.co.uk09 Mar 2021
Coin SectorBOOZE STOP, 520 HAGLEY ROAD, OLDBURY, B68 0BZ, UNITED KINGDOMhttp://www.coinatmradar.com/bitcoin_atm/15101/bitcoin-atm-lamassu-birmingham-uk-booze-stop/09 Mar 2021
XCOEX LIMITED24 WELLINGTON GARDENS, LONDON, SE7 7PH, UNITED KINGDOM+442 038 686 187http://www.xcoex.com23 Mar 2021
Cryptocurrency International Limited71-75 SHELTON STREET, COVENT GARDEN, LONDON, WC2H 9JQ, UNITED KINGDOMhttp://www.cryptogiftvouchers.com23 Mar 2021
Crypto Assist Ltd20-22 WENLOCK ROAD, LONDON, N1 7GU, UNITED KINGDOMhttp://www.crypto-assistltd.com23 Mar 2021
Vision Wallet LtdTHE MINSTER BUILDING, GREAT TOWER STREET, LONDON, EC3R 7AG, UNITED KINGDOMhttp://www.visionwallet.com23 Mar 2021
Gpay Limited18 STOKE ROAD, SLOUGH, SL2 5AG, UNITED KINGDOMhttp://www.cryptopoint.com09 Mar 2021
Coin Celect Ltd12 BANFIELD ROAD, LONDON, SE15 3TX, UNITED KINGDOM+447367032931http://www.coincelect.com09 Mar 2021
Bitpie UK LimitedUNIT G25 WATERFRONT STUDIOS, 1 DOCK ROAD, LONDON, E16 1AH, UNITED KINGDOMhttp://www.bitpie.com23 Mar 2021
Libracash Blockchain Ltd20-22 WENLOCK ROAD, LONDON, N1 7GU, UNITED KINGDOMhttp://www.libracash.global23 Mar 2021
CryptoCashATMhttp://www.facebook.com/cryptocashatms, http://www.twitter.com/cryptocashatms09 Mar 2021
Crypto Stock Trades LimitedKEMP HOUSE, 152-160 CITY ROAD, LONDON, EC1V 2NX, UNITED KINGDOMhttp://www.cryptostocktrades.co23 Mar 2021
ZCash-Global20-22 WENLOCK ROAD, LONDON, N1 7GU, UNITED KINGDOMhttp://www.zcash-global.com26 Mar 2021
Bitmax Crypto Limited70 PARTINGTON LANE, SWINTON, MANCHESTER, M27 5ZG, UNITED KINGDOMhttp://www.bitmax.io23 Mar 2021
Crypto Coins Bank7 PREMIER PARK ROAD, LONDON, NW10 7NZ, UNITED KINGDOMhttp://www.cryptocoins-bank.com23 Mar 2021
Bitbankatm82 CAMBRIDGE HEATH ROAD, LONDON, E1 5QJ, UNITED KINGDOMhttp://www.coinatmmap.com/bitbankatm-bitcoin-atm-operator09 Mar 2021
No More 925 Ltd18 – 22 STONEY LANE, YARDLEY, BIRMINGHAM, B25 8YP, UNITED KINGDOMhttp://www.no-more-925.com30 Mar 2021
The Crypto Store Ltd92 ARNOLD AVENUE, BLACKPOOL, FY4 2EW, UNITED KINGDOMhttp://www.crypto-store.co.uk09 Mar 2021
UBI ATM Ltd72 UPPER VILLIERS STREET, WOLVERHAMPTON, WV2 4NX, UNITED KINGDOM+447970652569http://www.facebook.com/pg/atm4bitcoin/about09 Mar 2021
Coinbox Ltd71-75 SHELTON STREET, COVENT GARDEN, LONDON, WC2H 9JQ, UNITED KINGDOMhttp://www.coinbox.org23 Mar 2021
Crypto Outlook LtdKEMP HOUSE, 152-160 CITY ROAD, LONDON, EC1V 2NX, UNITED KINGDOMhttp://www.kovrita.io23 Mar 2021
CB Exchange LP101 ROSE STREET, SOUTH LANE, EDINBURGH, EH2 3JG, UNITED KINGDOM+44 2036088233http://www.coinsbank.com23 Mar 2021
Auto Forex Trading LtdKEMP HOUSE, 152-160 CITY ROAD, LONDON, EC1V 2NX, UNITED KINGDOMhttp://www.autoforex-trading.io23 Mar 2021
Bithumb Europe LtdKEMP HOUSE, 152-160 CITY ROAD, LONDON, EC1V 2NX, UNITED KINGDOMhttp://www.bithumb.pro23 Mar 2021
Diligio LimitedKEMP HOUSE, 152-160 CITY ROAD, LONDON, EC1V 2NX, UNITED KINGDOM+44 75 33694900http://www.dilig.io23 Mar 2021
Crypto Fox ATM304 ASHLEY ROAD, PARKSTONE, POOLE, BH14 9DF, UNITED KINGDOMhttp://www.coinatmmap.com-crypto-fox-atm-bitcoin-atm-operator09 Mar 2021
GetCoins Ltd71-75 SHELTON STREET, LONDON, WC2H 9JQ, UNITED KINGDOMuk.getcoins.com09 Mar 2021
Gadcet Limited102-104 HIGH ROAD, ROMFORD, RM6 6NX, UNITED KINGDOM+44796161457http://www.gadcet.com30 Mar 2021
Bitpoint Ltd12 ALDERMANS HILL, PALMERS GREEN, LONDON, N13 4PJ, UNITED KINGDOMhttp://www.bitpoint-uk.com09 Mar 2021
Divi & Matt Ltd320 CITY ROAD, LONDON, EC1V 2NZ, UNITED KINGDOM09 Mar 2021
KitaruCoin17 HIGH STREET, THORNTON HEATH, LONDON, CR7 8RU, UNITED KINGDOMhttp://www.kitaru-coin.business.site09 Mar 2021
Cash4bitcoin Limited79A CORBINS LANE, HARROW, HA2 8EN, UNITED KINGDOM09 Mar 2021
Bank of Coinhttp://www.socialblockchain.ca, http://www.bankofcoin.com09 Mar 2021
Cryptobitecoinhttp://www.cryptobitecoin.com09 Mar 2021
Bitckup Ltd20-22 WENLOCK ROAD, LONDON, N1 7GU, UNITED KINGDOM09 Mar 2021
Big Sea Coins126 DEPTFORD HIGH STREET, LONDON, SE8 4NS, UNITED KINGDOMhttp://www.big-sea-coins.business.site/09 Mar 2021

A good reminder from the “Crypto MOM”, there is hope

According to her speech, Crypto assets enthusiasts may have hope.

It is common to hear government officials worrying about crypto’s use by criminals, even though the numbers suggest that it is used for illicit purposes less often than cash is. Perhaps, government officials should pause to consider the flip side of crypto—its value in protecting people from illicit activity. Because of its ability to reach people without intermediaries and its ease of storage, transport, and access, crypto can be an important part of the survival story of people living under the threat of harm by their families, people in their communities, or repressive governments.

While regulators need to understand and scrutinize new asset classes and technologies, excessive conservatism can impede competition, distort the market, and harm investors. The SEC, for example, has hesitated to greenlight investment products that incorporate bitcoin—let alone other cryptocurrencies. This approach is inconsistent with our limited role as a disclosure regulator, rather than a more interventionist merit regulator. Although well-intentioned, our wariness with regard to crypto deprives investors of access to products and services that they want. Moreover, caution-motivated delay makes it more difficult for us to change course should we decide to do that. If we have said no to one product sponsor, how can we say yes to another seeking to offer a similar product? Meanwhile, the market engineers around our denials by creating substitutes that do not require SEC approval.

The SEC’s reluctance to permit traditional investment vehicles to hold bitcoin or bitcoin futures has contributed to investors seeking more expensive, less convenient, or less direct substitutes, but it also has heightened the stakes of any regulatory approval for a mainstream retail product we might one day grant. By waiting we also have magnified the first-approved advantage in the bitcoin ETP or registered fund space. Moreover, because we have comported ourselves like merit regulators, investors might view any approvals as an official blessing by the Commission about the quality of the products we approve. That would be the wrong inference to draw; investors, alone or with the help of an investment professional, need to think carefully about whether any particular security—crypto-based or not—is right for them.

Tackling scam ads for financial services

Google wrote to the FCA they are do the following in order to tackle scam ads for financial services:

  • In July 2020, Google announced an update to our Financial Services policy, which made financial services advertisers subject to a requirement to complete our Business Operations Verification process. This requires advertisers to provide further information about their business model, services offered and relationships with other brands or third parties. In December, Google announced that we have the right to pause financial services advertiser accounts while they complete Business Operations Verification.
  • In addition, Google is planning to verify the identity of all advertisers on its platforms, a process we call Advertiser Identity Verification. This requires advertisers to submit personal legal identification, business incorporation documents or other information that proves who they are. Google will then use this information to generate an in-ad disclosure that shows their name and location when their ads run.
  • late last year Google updated its unreliable claims policy to restrict the rates of return a firm can advertise and ban the use of terms that make unrealistic claims. This update prohibits making unrealistic promises of large financial return with minimal risk, effort or investment. Many thanks to the FCA teams for their feedback on this subject, which we have incorporated into Google’s policy enforcement.

From the other side of London streets, Ofcom shared a case study, which stated the following:

Online regulation is a new and developing area. Regulators and platforms might need to test and evolve their approach to meet the dynamic nature of the market and the potential for unintended consequences.

Regulatory outcomes will be improved by platforms having their own robust systems to monitor the effectiveness and outcomes of their actions. This will be challenging to achieve and might itself require an iterative approach.

While this process is still starting, please bear in mind to do your own research, and be skeptic.

Celebrities’ needs to promote according to the law and regulation or scan better their endorsements

So say the CFTC.

The Commodity Futures Trading Commission filed a complaint charging businessman and computer programmer John McAfee, previously of Tennessee, and his former employee Jimmy Gale Watson, for engaging in a manipulative and deceptive digital asset “pump-and-dump” scheme.

According to the complaint, the defendants secretly accumulated positions in digital assets, deceptively promoted the digital assets through social media as valuable long-term investments, then sold their holdings as prices rose sharply following McAfee’s deceptive endorsements, resulting in profits in excess of $2 million. The scheme involved numerous digital assets, including verge (XVG), dogecoin (DOGE), and reddcoin (RDD). This enforcement action is the first brought by the CFTC for a manipulative scheme involving digital assets.

According to the CFTC’s complaint, the defendants strategically selected digital assets suitable for their scheme. As is typical of pump-and-dump schemes, they secretly accumulated a position in a digital asset through bitcoin trading in anticipation of price spikes following McAfee’s misleading public endorsements on social media. They “pumped” in the form of touting the asset in order to increase demand, while deceptively concealing the previously accumulated position and the intent to promptly sell the position. The defendants then “dumped” the digital asset by selling it into the inflated demand as price levels rose in response to their deceptive touting.

In its continuing litigation, the CFTC seeks restitution, disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations, as charged.

FCA warns consumers of the risks of investments advertising high returns based on Cryptoassets

They have put it nice and clear for you.

As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in, the risks associated with investing, and any regulatory protections that apply.

For Cryptoasset-related investments, consumers are unlikely to have access to the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) if something goes wrong.

Consumers should be wary if they’re contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true.

The FCA’s concerns about high-return investments based on cryptoassets include:

  • Consumer protection: Some investments advertising high returns based on Cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
  • Price volatility: Significant price volatility in Cryptoassets, combined with the inherent difficulties of valuing Cryptoassets reliably, places consumers at a high risk of losses.
  • Product complexity: The complexity of some products and services relating to Cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that Cryptoassets can be converted back into cash. Converting a Cryptoasset back to cash depends on demand and supply existing in the market. 
  • Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
  • Marketing materials: Firms may overstate the returns of products or understate the risks involved.

Consumers should be aware of the risks and fully consider whether investing in high-return investments based on cryptoassets is appropriate for them. They should check and carefully consider the cryptoasset business involved. 

What to do:

Step 1: Consumers should check if the firm they’re using is on the Financial Services Register or list of firms with Temporary Registration (Note: appearing on the Temporary Registration Register does not mean that the FCA has assessed them as fit and proper, nor that the FCA has determined their application for the purposes of the Money Laundering Regulations).

Step 2: If they’re not, consumers should ask the firm whether they are entitled to carry on business without being registered with the FCA. 

Step 3: If they’re not, the FCA suggests that consumers should withdraw their Cryptoassets and/or money. This is because the firm is operating illegally if it has not ceased trading by 9 January 2021.

First step AML not consumer

Please be aware for the following FCA calrification:

Many cryptoassets are highly speculative and can therefore lose value quickly. The FCA does not have consumer protection powers for the cryptoasset activities of firms. Even if a firm is registered with the FCA, we are not responsible for ensuring cryptoasset businesses protect client assets (ie customers’ money), among other things.  

It is unlikely that you will have access to The Financial Ombudsman or Financial Services Compensation Scheme, irrespective of whether a firm has temporary or full registration.

Regulation or privacy, is it time for stock stablecoin?

New speech from commissioner Hester M. Peirce, present some challenges ahead clearly.

Crypto, a way to hold easily and seamlessly transfer value, has made that principle even more powerful than ever before in history; people are able to enter into transactions with others across the world without an intermediary.

Regulators, however, are used to dealing with intermediaries, because they are easy to grab hold of and regulate. So crypto poses new challenges. Those challenges are only growing as crypto evolves. The SEC is wrestling with issues such as whether digital assets are securities, how registered entities can custody digital assets in compliance with our rules, and whether regulated investment products holding bitcoin can meet regulation standards. The explosion of decentralized finance, or “DeFi,” applications designed to displace regulated entities such as exchanges and broker-dealers will pose thorny questions and decisions for the SEC in the coming years.

As this technology gains adoption outside and now inside the legacy financial system, we should figure out a way to embrace the personal liberty principles undergirding it. If we were instead to steamroll the technology’s liberty-enhancing features under the weight of regulation, we would lose a lot of the power of the new technology to afford opportunities to people whose autonomy has previously been curbed by, for example, limited access to the traditional financial system, geographic location, social standing, or subjection to a repressive government.

The Commission has been building the Consolidated Audit Trail (“CAT”) so that it can track all equities and options orders as they wend their way through the markets. As with many other ideas that give me concern from a liberty standpoint, the objective is unobjectionable—affording regulators easy and holistic insight into what is happening in the markets. Nevertheless, the price is too high. Regulators, without having any grounds for suspicion, will be able to watch every move of every person who trades in our markets. We would not find it pleasant or appropriate for a government minder to monitor our purchases at a farmers’ market, and it is no more pleasant or appropriate in an equity market. The CAT is an example of a regulatory project that got unmoored from liberty concerns as everyone was focused on very real technical concerns.

Maybe is it time for stablecoin/s on stock/s in order to avoid the CAT? your call

Hopefully, communication with the regulator will not harm you or your business

Tradenet Capital Markets Ltd. for offering and selling security-based swaps to over 5,000 retail investors without registration and for failing to transact its swaps on a registered national exchange.

According to the SEC’s order, Tradenet sold investors packages of materials that claimed to be for the purpose of educating investors about day trading but also paid investors a portion of net profits from simulated trades conducted in a funded trading account provided as part of the packages. As set forth in the order, Tradenet charged from $500 to $9,000 for the educational packages that included the simulated trading accounts.  According to the order, investors whose portfolios increased in value received payouts equal to a percentage of the simulated net profits, but if the value of the portfolio decreased by a certain amount, the funded trading account was closed. The SEC’s order finds that the contracts to provide funded trading accounts were security-based swaps under the U.S. federal securities laws. The SEC’s order further finds that no registration statement had been filed for the swaps, and that the swaps were not sold through a national securities exchange.

Tradenet provided its customers “Day Trader Education Packages” that included a simulated “funded account” in which they could “trade” securities. The participants received a portion of the upside, and their downside was capped as their accounts were closed if they fell below predetermined thresholds. Some purchasers of these packages appear to have voluntarily purchased successive packages, and participants appear to have transacted with Tradenet voluntarily and with clear information about the terms of the deal. While Tradenet’s product offering had an educational component, it was primarily about the simulated “funded account,” which could not have been offered to U.S. retail investors under the existing rules

However, the some believe that there is room in our regulatory framework for creative investor education programs that give investors the opportunity to simulate trading in various financial products and assembling an investment portfolio. Gamification of educational experiences can promote learning, and the use of awards or prizes—even cash prizes—can provide incentives to take the game seriously and thus increase the educational value of the experience.

Firms, schools, and entrepreneurs who are interested in offering genuine learning opportunities to investors through simulated trading experiences with financial incentives but are concerned that their design may raise issues under the securities laws should engage with the Commission to explore how they could offer it in a manner consistent with the rules

If you need to renew your insurance please shop around. It’s for your own benefit!!!

The FCA is proposing that when a customer renews their home or motor insurance policy, they pay no more than they would if they were new to their provider through the same sales channel. For example, if the customer bought the policy online, they would be charged the same price as a new customer buying online. Firms would be free to set new business prices, but they would be prevented from gradually increasing the renewal price to consumers over time (known as ‘price walking’) other than in line with changes in customers’ risk. For existing consumers, their renewal price would be no higher than the equivalent new business price.

Firms use complex and opaque pricing practices that allow them to raise prices for consumers that renew with them year on year. While some people shop around for a deal, many others are losing out for being loyal. Firms target price increases on consumers who are less likely to switch and use practices that make it harder for people to leave. At the same time, firms do not always offer regular switchers their lowest prices. The FCA identified 6 million policyholders were paying high or very high margins in 2018. If they paid the average for their risk, they would have saved £1.2 billion. Some of this is due to harmful pricing practices, which the FCA’s proposals aim to tackle.

In the long-term, the proposed FCA remedies are designed to improve competition. This should lead to lower costs for supplying insurance, and ultimately lower the prices paid by consumers on average. The FCA estimates that its proposals will save consumers £3.7 billion over 10 years.

There is one true rule when it comes to insurance, if it is too complex, you will be “BEEP” hardly. You don’t want to end up paying for nothing, it is the opposite of fun.

Insurers will not be bankrupts, if you were worried , don’t be

According to the FCA press release:

The Court found in favour of the arguments advanced for policyholders by the FCA on the majority of the key issues. 

Many policyholders whose businesses were affected by the Covid-19 pandemic suffered significant losses, resulting in large numbers of claims under business interruption (BI) policies.

Most policies are focused on property damage and only have basic cover for BI as a consequence of property damage. But some policies also cover for BI from other causes, in particular infectious or notifiable diseases (‘disease clauses’) and non-damage denial of access and public authority closures or restrictions (‘denial of access clauses’). In some cases, insurers have accepted liability under these policies. In other cases, insurers have disputed liability while policyholders considered that it existed, leading to widespread concern about the lack of clarity and certainty. 

The judgment says that most, but not all, of the disease clauses in the sample provide cover.  It also says that certain denial of access clauses in the sample provide cover, but this depends on the detailed wording of the clause and how the business was affected by the Government response to the pandemic, including for example whether the business was subject to a mandatory closure order and whether the business was ordered to close completely.

The test case has removed the need for policyholders to resolve a number of the key issues individually with their insurers. It enabled them to benefit from the expert legal team assembled by the FCA, providing a comparatively quick and cost-effective solution to the legal uncertainty in the business interruption insurance market.

Good job done by the FCA team, while good job done by the insurers.

Why insurers made a good job? they will claim to the government that those policies were not designed to bring them into bankruptcy, and they will request and get compensation, where needed. Therefore, if you were worried, don’t be, most probably, we will pay for it, it will still come from your pocket. When the system is smarter than us, it may be…