LONDON – In the latest crackdown on crypto trading, Britain's Financial Conduct Authority (FCA) warned on Sunday that cryptocurrency broker CoinBurp does not have permission to launch its $BURP coin and there will be an initial exchange offering on Monday, July 26.
Last week, CoinBurp announced that it had secured $6 million to develop a platform for buying and trading non-fungible tokens (NFTs), digital assets that have piqued the curiosity of some investors but also drawn regulatory scrutiny from others concerned about the hazards.
The firm does not yet have full FCA registration under the money laundering, terrorism financing, and transfer of payments (details on the payer) requirements, according to the Financial Conduct Authority (FCA).
Despite the fact that CoinBurp is featured on the FCA's interim registration record, no firm can claim to be registered or licenced by the regulator, according to the watchdog.
"Despite the fact that companies with this status are allowed to continue trade, we have not yet evaluated such firms as well as their people as being fit and proper, and we have not yet determined their application for the purposes of the money laundering legislation," the Financial Conduct Authority (FCA) explained.
CoinBurp, which could not be reached for comment right away, claims on its website that "$BURP is on its way! Be the first to know when our utility and governance tokens go live."
"By developing this product, CoinBurp, as a registered broker, will be able to list NFTs on the market and sell them in large and small quantities to investors." In a press release issued on Friday, the company stated.
The Financial Conduct Authority's (FCA) statement is the latest in the watchdog's warnings to customers that investing in crypto assets if they invest in crypto assets, they potentially lose all of their money.
In June, the Financial Conduct Authority's (FCA) stated that Binance, one of the world's largest cryptocurrency exchanges, was unable to engage in any regulated activity and issued a consumer warning about the platform, which has subsequently come under increased regulatory scrutiny around the world.
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