Which Crypto Services are FCA Registered/Regulated?

masonic

bery_451 said:

masonic said:

bery_451 said:

masonic said:

Here you go: https://register.fca.org.uk/s/search?predefined=CA

Cheers, I notice on the FCA list some company names are listed with a different name in compared to their website name which makes it more tricky to check I guess. Any tips?

Many crypto firms are offshore and so conduct business in the UK via a third party provider. For example, Binance uses Skrill. It would be best to start with a preferred company and then verify they are operating through a registered provider, and that's where you are sending your money.

Okay I see Skrill on the FCA registered list... so if anything happens to Binance like for example binance site gets hacked, or their country government shuts binance down or binance does a exit scam on its users or anything bad happens then will there be any FCA regulatory protections for users to fall back on 

No, there is no such regulation or protection for cryptoassets. The registration of crypto firms with the FCA just means they are complying with money laundering regulations (any firm not complying with the law would be a giant red flag). If anything happened to a company like Binance, then you'd be on your own and could lose all of the assets held with them. Which is why it is important not to keep assets on their platform. Likewise if you are scammed out of your assets, then you'd just have to live with it.

https://www.fca.org.uk/consumers/cryptoassets

Adyinvestment

bery_451 said:

Adyinvestment said:

bery_451 said:

Okay great, does eToro allows its customers to withdraw their cryptos to their own crypto wallets you happen to know?

Yes, as long as you are eligible for their eToro Money Wallet

https://www.etoro.com/en-us/customer-service/help/1343545772/how-do-i-send-cryptocurrencies-from-my-etoro-money-crypto-wallet-to-another-wallet/

I'm based in UK so am I eligible? There's 2 eToro apps?

I believe so, but best to check first.

bery_451

masonic said:

bery_451 said:

masonic said:

bery_451 said:

masonic said:

Here you go: https://register.fca.org.uk/s/search?predefined=CA

Cheers, I notice on the FCA list some company names are listed with a different name in compared to their website name which makes it more tricky to check I guess. Any tips?

Many crypto firms are offshore and so conduct business in the UK via a third party provider. For example, Binance uses Skrill. It would be best to start with a preferred company and then verify they are operating through a registered provider, and that's where you are sending your money.

Okay I see Skrill on the FCA registered list... so if anything happens to Binance like for example binance site gets hacked, or their country government shuts binance down or binance does a exit scam on its users or anything bad happens then will there be any FCA regulatory protections for users to fall back on 

No, there is no such regulation or protection for cryptoassets. The registration of crypto firms with the FCA just means they are complying with money laundering regulations (any firm not complying with the law would be a giant red flag). If anything happened to a company like Binance, then you'd be on your own and could lose all of the assets held with them. Which is why it is important not to keep assets on their platform. Likewise if you are scammed out of your assets, then you'd just have to live with it.

https://www.fca.org.uk/consumers/cryptoassets

FCA are a UK body so why would Skrill or Binance that are Chinese origins go through the hassle of FCA regulation when the UK or FCA has no Jurisdiction over Binance if you say there's no regulation or protection for crypto assets anyway? Binance could comply with their own country rules and regulations right?

masonic

bery_451 said:

masonic said:

bery_451 said:

masonic said:

bery_451 said:

masonic said:

Here you go: https://register.fca.org.uk/s/search?predefined=CA

Cheers, I notice on the FCA list some company names are listed with a different name in compared to their website name which makes it more tricky to check I guess. Any tips?

Many crypto firms are offshore and so conduct business in the UK via a third party provider. For example, Binance uses Skrill. It would be best to start with a preferred company and then verify they are operating through a registered provider, and that's where you are sending your money.

Okay I see Skrill on the FCA registered list... so if anything happens to Binance like for example binance site gets hacked, or their country government shuts binance down or binance does a exit scam on its users or anything bad happens then will there be any FCA regulatory protections for users to fall back on 

No, there is no such regulation or protection for cryptoassets. The registration of crypto firms with the FCA just means they are complying with money laundering regulations (any firm not complying with the law would be a giant red flag). If anything happened to a company like Binance, then you'd be on your own and could lose all of the assets held with them. Which is why it is important not to keep assets on their platform. Likewise if you are scammed out of your assets, then you'd just have to live with it.

https://www.fca.org.uk/consumers/cryptoassets

FCA are a UK body so why would Skrill or Binance that are Chinese origins go through the hassle of FCA regulation when the UK or FCA has no Jurisdiction over Binance if you say there's no regulation or protection for crypto assets anyway? Binance could comply with their own country rules and regulations right?

Seems a strange question to ask by someone seeking reassurance about FCA protection.

To operate lawfully when marketing to UK consumers, a firm must have FCA registration. Any crypto firm with UK customers that is not registered is not complying with UK money laundering regulations. This means that its customers are at risk of having their UK bank accounts frozen, and/or payments they send and receive to the firm blocked.

Skrill was founded and is still headquartered in the UK, so I don't know why you think it is Chinese in origin. FCA has jurisdiction over Skrill. Skrill is authorised and regulated by the FCA under the Electronic Money Regulations and registered with the FCA as a cryptoasset firm.

Binance is not under UK jurisdiction, is now registered in the Cayman Islands and its T&C are governed by Hong Kong law. I don't know where that would leave you in terms of your legal rights, but I think you'd have difficulty enforcing whatever rights you did have in the case of a dispute or if something happened to Binance. Protecting foreigners is not usually a priority for lawmakers.

HCIMbtw

A few years back I spent ages reviewing this stuff. 

I settled on purchasing through coinbase pro and storing on exodus wallet. 

If I was starting over i'd probably use FTX or Binance for transactions, and store on exodus wallet. 

If I had more than play money invested I would be storing on physical ledger that I had purchased (brand new). 

adam06_2

Use at least 2 different exchanges to play it safe. I use coinbase and crypto.com. you can transfer funds from both to your personal wallet.

bery_451

masonic said:

bery_451 said:

masonic said:

bery_451 said:

masonic said:

bery_451 said:

masonic said:

Here you go: https://register.fca.org.uk/s/search?predefined=CA

Cheers, I notice on the FCA list some company names are listed with a different name in compared to their website name which makes it more tricky to check I guess. Any tips?

Many crypto firms are offshore and so conduct business in the UK via a third party provider. For example, Binance uses Skrill. It would be best to start with a preferred company and then verify they are operating through a registered provider, and that's where you are sending your money.

Okay I see Skrill on the FCA registered list... so if anything happens to Binance like for example binance site gets hacked, or their country government shuts binance down or binance does a exit scam on its users or anything bad happens then will there be any FCA regulatory protections for users to fall back on 

No, there is no such regulation or protection for cryptoassets. The registration of crypto firms with the FCA just means they are complying with money laundering regulations (any firm not complying with the law would be a giant red flag). If anything happened to a company like Binance, then you'd be on your own and could lose all of the assets held with them. Which is why it is important not to keep assets on their platform. Likewise if you are scammed out of your assets, then you'd just have to live with it.

https://www.fca.org.uk/consumers/cryptoassets

FCA are a UK body so why would Skrill or Binance that are Chinese origins go through the hassle of FCA regulation when the UK or FCA has no Jurisdiction over Binance if you say there's no regulation or protection for crypto assets anyway? Binance could comply with their own country rules and regulations right?

Seems a strange question to ask by someone seeking reassurance about FCA protection.

To operate lawfully when marketing to UK consumers, a firm must have FCA registration. Any crypto firm with UK customers that is not registered is not complying with UK money laundering regulations. This means that its customers are at risk of having their UK bank accounts frozen, and/or payments they send and receive to the firm blocked.

Skrill was founded and is still headquartered in the UK, so I don't know why you think it is Chinese in origin. FCA has jurisdiction over Skrill. Skrill is authorised and regulated by the FCA under the Electronic Money Regulations and registered with the FCA as a cryptoasset firm.

Binance is not under UK jurisdiction, is now registered in the Cayman Islands and its T&C are governed by Hong Kong law. I don't know where that would leave you in terms of your legal rights, but I think you'd have difficulty enforcing whatever rights you did have in the case of a dispute or if something happened to Binance. Protecting foreigners is not usually a priority for lawmakers.

Okay if Binance goes under, and we established earlier in the thread that Skrill is a 3rd party to Binance that allows Binance exposure to UK Investors/Traders, then will Skrill say to its users go to Binance instead because we cant do nothing about it?

You saying my bank account will be frozen or I cant send/receive cash hard earned by salary/wages/inheritance not by drugs, cash bank transfer to any crypto exchange that is not registered with the FCA no matter where the exchange is located in the world?

bery_451

HCIMbtw said:

A few years back I spent ages reviewing this stuff. 

I settled on purchasing through coinbase pro and storing on exodus wallet. 

If I was starting over i'd probably use FTX or Binance for transactions, and store on exodus wallet. 

If I had more than play money invested I would be storing on physical ledger that I had purchased (brand new). 

Okay there's 2 types of coinbase: coinbase.com and coinbase pro. Your suggesting coinbase pro has better protections for its users especially in UK over coinbase.com?

The physical ledger hardware wallet device doesn't use open-source code which is a security risk by the ledger company itself I read somewhere earlier.

masonic

bery_451 said:

masonic said:

bery_451 said:

masonic said:

bery_451 said:

masonic said:

bery_451 said:

masonic said:

Here you go: https://register.fca.org.uk/s/search?predefined=CA

Cheers, I notice on the FCA list some company names are listed with a different name in compared to their website name which makes it more tricky to check I guess. Any tips?

Many crypto firms are offshore and so conduct business in the UK via a third party provider. For example, Binance uses Skrill. It would be best to start with a preferred company and then verify they are operating through a registered provider, and that's where you are sending your money.

Okay I see Skrill on the FCA registered list... so if anything happens to Binance like for example binance site gets hacked, or their country government shuts binance down or binance does a exit scam on its users or anything bad happens then will there be any FCA regulatory protections for users to fall back on 

No, there is no such regulation or protection for cryptoassets. The registration of crypto firms with the FCA just means they are complying with money laundering regulations (any firm not complying with the law would be a giant red flag). If anything happened to a company like Binance, then you'd be on your own and could lose all of the assets held with them. Which is why it is important not to keep assets on their platform. Likewise if you are scammed out of your assets, then you'd just have to live with it.

https://www.fca.org.uk/consumers/cryptoassets

FCA are a UK body so why would Skrill or Binance that are Chinese origins go through the hassle of FCA regulation when the UK or FCA has no Jurisdiction over Binance if you say there's no regulation or protection for crypto assets anyway? Binance could comply with their own country rules and regulations right?

Seems a strange question to ask by someone seeking reassurance about FCA protection.

To operate lawfully when marketing to UK consumers, a firm must have FCA registration. Any crypto firm with UK customers that is not registered is not complying with UK money laundering regulations. This means that its customers are at risk of having their UK bank accounts frozen, and/or payments they send and receive to the firm blocked.

Skrill was founded and is still headquartered in the UK, so I don't know why you think it is Chinese in origin. FCA has jurisdiction over Skrill. Skrill is authorised and regulated by the FCA under the Electronic Money Regulations and registered with the FCA as a cryptoasset firm.

Binance is not under UK jurisdiction, is now registered in the Cayman Islands and its T&C are governed by Hong Kong law. I don't know where that would leave you in terms of your legal rights, but I think you'd have difficulty enforcing whatever rights you did have in the case of a dispute or if something happened to Binance. Protecting foreigners is not usually a priority for lawmakers.

Okay if Binance goes under, and we established earlier in the thread that Skrill is a 3rd party to Binance that allows Binance exposure to UK Investors/Traders, then will Skrill say to its users go to Binance instead because we cant do nothing about it?

Skrill provides emoney services to Binance, so it is possible that Skrill may be holding a cash balance that you would have a claim to. However, anything that's made its way to Binance's trading platform and crypto wallets will not be Skrill's responsibility. Anything held in your own private crypto wallet would be unaffected by Binance's demise.

bery_451 said:

You saying my bank account will be frozen or I cant send/receive cash hard earned by salary/wages/inheritance not by drugs, cash bank transfer to any crypto exchange that is not registered with the FCA no matter where the exchange is located in the world?

It would be your responsibility to provide satisfactory evidence about the source of funds, which is difficult if you've been sending and receiving money to/from a company that is evading money laundering regulations and operating unlawfully in the UK. This wouldn't apply to a company like Binance, which operates through a registered firm.

bery_451

adam06_2 said:

Use at least 2 different exchanges to play it safe. I use coinbase and crypto.com. you can transfer funds from both to your personal wallet.

Both Coinbase and Crypto.com FCA registered? What it is I don't want my bank account frozen when dealing with them as there was a post earlier in this thread by another member saying if crypto exchanges not FCA registered then risk of customers bank account being frozen.