Crypto broker CoinBurp does not full FCA registration: Britain’s Financial Conduct Authority

In a development that marks Britain latest crackdown on crypto trading, the country’s Financial Conduct Authority (FCA) said, CoinBurp, a crypto broker, is not fully authorised to continue operations.

The development comes at a time when CoinBurp planned on launching its $BURP token and initial exchange offering (ICO).

CoinBurp could start business under its temporary registration, as long as it had correct controls in place, said the FCA.

Last week CoinBurp said, it had raised $6 million to build a platform to buy and sell non-fungible tokens (NFTs), digital assets that are attracting interest from some investors and scrutiny from regulators worried about the risks.

On its website CoinBurp said, “$BURP is coming!”; it is scheduled to issue a full statement later.

“The firm does not yet hold full FCA registration under the money laundering, terrorist financing and transfer of funds (information on the payer) regulations … but has submitted an application for the FCA for registration,” said the FCA said in a statement while adding, although CoinBurp is listed on its temporary registration register, it does not allow the firm to claim to be registered or authorised by the FCA.

“Whilst firms with this status can continue to trade, such firms and their personnel have not yet been assessed as fit and proper, and we have not yet determined their application for the purposes of the money laundering regulations,” said the FCA. “Building this product means that CoinBurp – as a regulated broker – will have NFTs listed on the market and can be made available for investors in large and small quantities”.

In its latest warning the FCA said, consumers could lose all their money in crypto assets.

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