Which Crypto Services are FCA Registered/Regulated?

bery_451

masonic said:

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.

Lets say for example, I'm not saying its true that Binance is funding illegal operations around the world like drug trafficking and such, who cares none of our business in the UK right, its between the Hong Kong Government and Binance, however from here you saying its still my responsibility and onus on me to prove the money in my bank account is not from crime? The money cash I send to Binance is legitimate money and whether Binance launders their dirty money with my clean money how is it its still my responsibility? It seems FCA regulations apply to users not to exchanges if that's the case.

You can do a direct bank transfer to binance from UK without using Skrill so Skrill is just there to give extra protections to UK users otherwise what's the point of Skrill?

masonic

bery_451 said:

masonic said:

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.

Lets say for example, I'm not saying its true that Binance is funding illegal operations around the world like drug trafficking and such, who cares none of our business in the UK right, its between the Hong Kong Government and Binance, however from here you saying its still my responsibility and onus on me to prove the money in my bank account is not from crime? The money cash I send to Binance is legitimate money and whether Binance launders their dirty money with my clean money how is it its still my responsibility? It seems FCA regulations apply to users not to exchanges if that's the case.

The National Crime Agency has powers to seize funds from international money laundering operations and the proceeds of crime, so in the hypothetical situation that money sent to your bank account has been mixing with that dirty money through an offshore company, then that money is definitely at risk. The FCA regulations apply to UK banks. If you have a UK bank account that receives money that is under suspicion, then the bank is obliged to file a Suspicious Activity Report with the NCA, which would trigger an investigation.

bery_451 said:

You can do a direct bank transfer to binance from UK without using Skrill so Skrill is just there to give extra protections to UK users otherwise what's the point of Skrill?

Are you sure about that? It would be unwise to transact directly with Binance, if it is possible.

masonic

bery_451 said:

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.

These are things it would be wise to learn how to check for yourself. The organisations themselves should give information about the legal entity providing services to UK customers. Coinbase has set up CB Payments Limited (a FCA authorised emoney firm), and Crypto.com is run by Foris DAX (UK subsidiary on the registered crypto firm list I provided you earlier in the thread).

bery_451

masonic said:

bery_451 said:

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.

These are things it would be wise to learn how to check for yourself. The organisations themselves should give information about the legal entity providing services to UK customers. Coinbase has set up CB Payments Limited (a FCA authorised emoney firm), and Crypto.com is run by Foris DAX (UK subsidiary on the registered crypto firm list I provided you earlier in the thread).

Yeah okay, its just that those websites that register with the FCA do not use the website names and instead they use a different name or a 3rd party. I'm on the FCA website and when I search for Coinbase no results however when I search for CB Payments Limited then I get results. Yeah its this that confuses UK retail users that want to use their services. 

You know which crypto exchanges that uses 3rd parties to register for the FCA, and from there a good idea to filter them out? Or do you know of UK based crypto exchanges that are registered with the FCA? Looking for crypto exchanges with good reviews.

masonic

bery_451 said:

masonic said:

bery_451 said:

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.

These are things it would be wise to learn how to check for yourself. The organisations themselves should give information about the legal entity providing services to UK customers. Coinbase has set up CB Payments Limited (a FCA authorised emoney firm), and Crypto.com is run by Foris DAX (UK subsidiary on the registered crypto firm list I provided you earlier in the thread).

Yeah okay, its just that those websites that register with the FCA do not use the website names and instead they use a different name or a 3rd party. I'm on the FCA website and when I search for Coinbase no results however when I search for CB Payments Limited then I get results. Yeah its this that confuses UK retail users that want to use their services. 

You know which crypto exchanges that uses 3rd parties to register for the FCA, and from there a good idea to filter them out? Or do you know of UK based crypto exchanges that are registered with the FCA? Looking for crypto exchanges with good reviews.

You just need to check the exchange you decide you want to do business with it. If they don't have a legitimate way of doing business with you, then move on to the next. I've been satisfied with Binance - enough to use them as an exchange. I certainly wouldn't trust them to hold assets for me, nor would I trust any other online exchange. This is not a problem as it is easy enough to generate a personal wallet and transfer everything there.

Daliah

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). 

The FCA advises against using FTX https://www.fca.org.uk/news/warnings/ftx

Not sure Binance have a UK licence, either.

HCIMbtw

bery_451 said:

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.

I use coinbase pro, because historically it was cheaper to trade that standard coinbase and I understand the interface. 

I transfer in from an ordinary current account with a standard UK high street bank no problem. 

HCIMbtw

Daliah said:

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). 

The FCA advises against using FTX https://www.fca.org.uk/news/warnings/ftx

Not sure Binance have a UK licence, either.

Interesting, thanks for sharing, I had heard of a scam version of FTX being set up targeting UK residents recently, but this looks like genuine advice from FSCS that FTX isn't authorised.

masonic

Daliah said:

Not sure Binance have a UK licence, either.

Binance doesn't. It's accessing the UK market via Skrill.

bery_451

HCIMbtw said:

bery_451 said:

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.

I use coinbase pro, because historically it was cheaper to trade that standard coinbase and I understand the interface. 

I transfer in from an ordinary current account with a standard UK high street bank no problem. 

Coinbase now saying the standard coinbase has the same fees as coinbase pro. Is it true?