The Financial Conduct Authority (FCA) has issued a warning against cCrypto.ai for offering financial and crypto-related services without proper authorization. The announcement was made in a press release on April 10, 2025.
According to the FCA, cCrypto.ai is listed as an unauthorized firm using the address One London Wall, London, United Kingdom, EC2Y. It provides contact information including a phone number (+447360527012), email (support@ccrypto.ai), and website (www.ccrypto.ai). The FCA warns that such firms may use false or misleading contact details, possibly mimicking legitimate businesses. Individuals who deal with this firm will not be protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme, meaning they are unlikely to recover any losses if the firm fails.
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. Pre-application meetings are optional but can clarify requirements. Misleading or incomplete applications may be rejected.
According to 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 the cause of these failures which increased 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.