Registration Is Narrower Than Authorisation
A UK cryptoasset firm that holds or moves customer funds must register with the FCA under the money laundering regulations. This is much narrower than full FCA authorisation. It shows that the firm has passed the FCA's anti-money laundering checks, not that your money is protected in the way a regulated investment would be.
A full FCA regime for holding cryptoassets on behalf of customers is planned but has not yet begun. Until it does, registration under the money laundering regulations is the main check available.
Search for the Firm by Name on the FCA Register
The FCA publishes a searchable list of registered and formerly registered cryptoasset firms. A platform that is missing from the list, or has been removed from it, should be treated as unregistered, whatever its own marketing says.
Promotions Follow Their Own Rules
Since 8 October 2023, a cryptoasset promotion aimed at UK consumers must either be made by a firm registered with the FCA for cryptoassets, or be made or approved by an FCA-authorised firm. A platform promoting itself to UK customers with neither has no lawful basis for doing so.
Who Holds the Cryptoassets Is a Separate Question
It is ordinary practice for a registered exchange to hold customers' cryptoassets itself, and that is not a cause for concern on its own. What should be verified is whether the exchange contacting you is genuinely the firm named on the register, and whether the account you are asked to pay belongs to that same registered firm.
How MetaAshes Examines This
A MetaAshes assessment cross-references a firm's details against the official record in a single pass. For this question, the most relevant checks include:
- Scope of regulatory permissions
- FCA Warning List screening
- Payee name verification
Frequently Asked
Does FCA registration mean a crypto deposit is protected?
No. Registration under the money laundering regulations shows that the firm has passed the FCA's anti-money laundering checks. It does not protect your deposit, and it gives no assurance that your money can be recovered if the platform fails.
What if the platform has no FCA record at all?
Treat it as unregistered. A platform with no current or former entry on the FCA's cryptoasset register has not met even the basic anti-money laundering requirement for providing cryptoasset services in the United Kingdom.
This guide is provided for general information and does not constitute financial or legal advice.