The Financial Conduct Authority (FCA) announced a warning about apexmarkets.live for offering financial and crypto-related services without proper authorization.
According to the FCA, another firm, apexmarkets.live, operating from addresses in St. Vincent and the Grenadines, South Africa, and Seychelles, is not authorized to provide or promote financial services in the UK. The firm utilizes the website apexmarkets.live and the email support@apexmarkets.live. It may also provide misleading or incorrect contact information. Consumers engaging with this firm are not eligible for support from the Financial Ombudsman Service or coverage under the Financial Services Compensation Scheme. The FCA advises verifying authorization through its Firm Checker.
UK cryptoasset businesses must register with the FCA under the Money Laundering Regulations if they intend to offer services falling within those rules. This includes firms already authorized for other financial services. Registration involves submitting an application through the FCA's Connect system, paying applicable fees, and providing detailed information about the business, its activities, and key individuals. All officers, managers, and beneficial owners must pass a "fit and proper" assessment. The FCA considers past convictions, regulatory compliance, and business conduct during evaluation. Misleading or incomplete applications may be rejected.
In a press release by the FCA, CB Payments Limited (CBPL), part of the Coinbase Group, was fined £3.5 million for allowing 13,416 high-risk customers to access crypto trading through other Coinbase entities despite a restriction. This resulted in $226 million in transactions. The FCA cited inadequate controls as increasing money laundering risks. This marks the first enforcement action under the Electronic Money Regulations 2011.
Learn Signal reports that the Financial Conduct Authority (FCA) was established on April 1, 2013, succeeding the Financial Services Authority (FSA) as part of a comprehensive reform of the UK's financial regulatory framework following the global financial crisis. Operating independently of the UK government, it is funded by fees charged to the financial services industry. Its primary objectives include protecting consumers, ensuring market integrity in the UK’s financial markets, and promoting effective competition in consumers' interests.
