The United Kingdom’s financial markets regulator, The Financial Conduct Authority (FCA), had a busy Sunday on Oct. 8, as it added several crypto exchanges to its warning list of non-authorized firms that customers “should avoid.”
A total of 143 new entities were added to the warning list, including major exchanges, such as Huobi-owned HTX and KuCoin. The warning list doesn’t reveal much apart from the statement, “You should avoid dealing with this firm.”
However, in the U.K., firms permitted to “carry out crypto asset activities” must either be registered with the FCA or have been granted temporary status to operate. In July, Jayson Probin, crypto financial promotions lead at the FCA, suggested that failure to comply could result in criminal charges:
“We will take robust action against persons illegally promoting to U.K. consumers. This may include, but it is not limited to, placing firms on our warning list requesting take downs of websites, social media accounts, apps and all other promotions that are in breach, and enforcement action.”
In August, the FCA revealed that since 2020, it has received 291 applications for registration and approved only 38 of them, which is roughly 13%. At the time of publication, the FCA’s list of registered crypto asset providers includes 42 entities, such as Bitstamp, Revolut and Gemini.
PayPal has recently halted crypto transactions for its U.K. customers until it figures out how to comply with the FCA’s requirements. Dubai-headquartered cryptocurrency exchange Bybit also suspended all its services in the U.K. in late September due to “regulatory changes.”
Sir Ed Davey has written to King Charles to explain why he believes he has to refuse his invite to a state banquet for Donald Trump.
The Lib Dem leader said on Wednesday he will be boycotting the dinner next month during the US president’s second state visit to the UK because of the situation in Gaza.
He told Sky News on Thursday: “I’ve written to him [the King] personally explaining my thinking.
“And it’s with deep regret that I’ve had to take the decision, but I feel with what is going on in Gaza, it’s the best way I can get my voice heard.”
Sir Ed said the “sad truth” is Mr Trump is the “one man” who has the power to stop the “horrible famine in Gaza, could get the hostages released, could bring an end to this horrendous humanitarian crisis”.
He said the US president could do that by phoning up Israeli Prime Minister Benjamin Netanyahu and telling him to stop.
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The Lib Dem leader said Mr Trump could also call up the Qatari government and other Gulf states to get them to put pressure on Hamas to release the remaining 50 Israeli hostages (20 living, 30 dead) they took on 7 October 2023.
Image: The King and Donald Trump during his first state visit in 2019. Pic: Reuters
He emphasised that he has “huge respect” for the King and it was a very difficult decision he “really wrestled with” and involved him talking to his wife and praying about it.
Sir Ed denied it was political posturing and instead is one of the only ways he could get Mr Trump to listen.
“I didn’t want him to come to the UK without being reminded, as best I can, that he has that moral responsibility, frankly,” he added.
“And from what I’m picking up from many people, there are people across the political spectrum who agree with me and the Democrats that it is Donald Trump, it is the United States who has this power over Netanyahu, over Hamas, albeit indirectly, to stop this horrendous situation.”
Publicly refusing the King’s invite is “the best way I can get my voice heard,” Sir Ed said.
Image: King Charles will host a state dinner for Donald Trump. Pic: PA
Tony Blair at White House Gaza meeting
While Sir Ed is choosing to snub Mr Trump to get his voice heard, former Labour prime minister Sir Tony Blair has been asked by the US president for help on Gaza.
Sir Tony joined a White House meeting on Wednesday, chaired by Mr Trump, to discuss the war in Gaza and post-war plans for the Palestinian territory, a senior White House official confirmed.
They were joined by Mr Trump’s former Middle East envoy and son-in-law, Jared Kushner, to also discuss the hostage crisis and plans to escalate food aid deliveries.
The official described it as “simply a policy meeting”.
In July, the Financial Times reported the Tony Blair Institute had participated in a project to develop a post-war Gaza plan, with the think tank having “had many calls with different groups on post-war reconstruction of Gaza but none included the idea of forcible relocation of people from Gaza”.
Sir Ed called on Sir Tony to be quizzed in parliament about his discussions with the Trump administration.
“If he has special insight into Trump’s intentions, it’s only right that parliament and the government are made privy to this,” he said.
“We must leverage all the information and resources at our disposal to make Trump do the right thing.”
The change is part of the Commodity Futures Trading Commission’s “crypto sprint,” an initiative to overhaul regulations in response to proposals from the Trump administration.