As reported by Reuters on 25 July 2021, crypto broker CoinBurp is set to launch its $BURP token and initial exchange offering however, without full registration from the FCA. Though, the FCA said CoinBurp could start business under its temporary registration, provided it had the correct controls in place.
The FCA warning statement on CoinBurp can be found here. This is not the only warning issued by the FCA on crypto. In January 2021, they issued a warning to consumers that investing in cryptoassets, or investment products linked to them, is a very high risk and that consumers could lose all their money.
My colleague Will Tunstall-Prince and I recently published an article on the subject of cryptocurrency which you may find of interest.
Please note this article was written by Annette Fong, who is no longer with Ince. If you would like any advice in this regard, please contact Julia Dao.
"Whilst firms with this status can continue to trade, such firms and their personnel have not yet been assessed as fit and proper, and we have not yet determined their application for the purposes of the money laundering regulations," the FCA said.
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