Which Crypto Exchanges Have Been Approved Following New UK FCA Regulations. Top UK exchanges 2024

Summary

This video explores the impact of recent UK cryptocurrency regulations, highlighting how new rules are affecting centralized exchanges. It covers major exchanges like Kraken, Coinbase, OKX, and Binance, examining which are still authorized and operational in the UK. The video also provides insight into Revolut's workaround for UK bank blocks on crypto transactions, and encourages viewers to share updates about exchange availability worldwide. For more detailed guidance, the creator offers personalized coaching. The video serves as a resource for navigating the evolving crypto landscape in the UK.

Takeaways

• 💼 The UK has implemented new crypto regulations, which came into effect on October 8, 2023, with a deadline of January 2024 for firms to comply.
• 🚫 Many crypto exchanges, like Bybit, have stopped offering services to UK users due to these new regulations.
• 🧐 Users can check if a crypto exchange is authorized to operate in the UK by searching the FCA's Financial Services Register.
• ⚠️ There are over 12,875 unauthorized firms listed on the FCA's warning list, making it challenging to identify compliant exchanges.
• ✅ Kraken is one of the few centralized exchanges that is regulated and authorized to operate in the UK through its partnership with Payward Limited.
• 🇬🇧 Other exchanges that are authorized in the UK include Coinbase, OKX, Crypto.com, Uphold, CoinJar, Bitstamp, and PayPal (though PayPal has temporarily halted crypto services).
• 🔍 Some exchanges, like Binance, initially received FCA approval but lost it after their UK partner was disqualified from offering financial promotions.
• 💡 UK banks have been blocking transactions to some crypto exchanges, but users can transfer funds via Revolut as a workaround.
• 🔄 Many exchanges are either in the process of meeting the FCA's requirements or may no longer operate in the UK in the future.
• 📢 The creator encourages viewers to share their experiences with exchanges in the comments, highlighting that the situation is fluid and rapidly changing.

Q & A

What are the key reasons for the increasing regulation of crypto exchanges in the UK?

The UK government and the FCA are increasing regulations to protect consumers, reduce financial crime, and ensure that crypto exchanges meet specific standards regarding transparency, security, and compliance with financial regulations.

What recent changes have occurred with crypto regulations in the UK?

New regulations came into effect on October 8, 2023, with a final compliance deadline in January 2024. These regulations require crypto firms to register with the FCA and comply with stricter rules regarding financial promotions, tax reporting, and consumer protections.

Why did Revolut halt crypto services for its business clients?

Revolut stopped offering crypto services to its business clients due to the new FCA regulations, even though it is registered with the FCA. This is an example of how firms are adjusting to the evolving regulatory landscape.

How can users check if a crypto exchange is regulated in the UK?

Users can visit the FCA website and search for crypto exchanges on the Financial Services Register to check if they are authorized and regulated to operate in the UK.

What happened with Bybit’s operations in the UK?

Bybit, which is based in Ju Bu, stopped offering services to UK users in September 2023 due to the new FCA regulations. The exchange is listed as unauthorized on the FCA’s Financial Services Register.

Which major crypto exchanges are regulated in the UK?

Kraken, Coinbase, OKX, Crypto.com, Uphold, CoinJar, and Bitstamp are examples of exchanges that are authorized or have partnered with UK companies to meet FCA requirements.

What is Kraken’s regulatory status in the UK?

Kraken is regulated in the UK through its partnership with Payward Limited, a London-based company. Payward Limited is registered with the FCA for specific crypto asset activities since November 2021.

What is Binance’s current status in the UK?

Binance initially received regulatory approval by partnering with a UK-based company, but lost its authorization when the FCA revoked the company’s ability to offer crypto-related financial promotions. Binance has since stopped accepting new UK users and does not support fiat on-ramps or off-ramps for the British pound.

What challenges do UK users face when trying to interact with crypto exchanges?

UK users face several challenges, including banks blocking transactions to crypto exchanges, difficulty finding regulated exchanges, and exchanges withdrawing services due to regulatory changes.

What is a potential workaround for UK users facing issues with bank transfers to crypto exchanges?

One potential solution is to use Revolut, which is regulated in the UK. Users can transfer funds from their UK bank to Revolut, and then from Revolut to a crypto exchange.