The U.K. Financial Conduct Authority has accepted Komainu’s registration as a joint venture between Nomura, Ledger, and CoinShares for crypto custody.
The company joined the FCA registry on Friday, shortly before the weekend-starting implementation of the regulator’s new promotion restrictions. To be able to approve their own adverts and provide consumers with the necessary risk warnings, businesses must comply with regulations requiring UK registration. Up to two years in prison are possible for breaking the guidelines.
Firms that have registered with the FCA must adhere to the nation’s anti-money laundering laws. Although there are 42 firms listed on the register, the regulator reported at the start of the year that since the registration system launched in 2021, it had received 300 applications from firms.
In reaction to the new ad regulations, some unregistered businesses withdrew some services or stopped providing services to some clients, while others, like Binance, are depending on other businesses to approve their ads. According to a company email, Coinbase has posted risk disclosures to its website, and OKX has made changes like decreasing its token offers in the nation.
The FCA updated its list of prohibited companies without delay, adding more than 100 companies to its warning list, including KuCoin and Houbi.