The Financial Conduct Authority (FCA) has issued a warning against CRYPTOSMART for offering financial and crypto-related services without proper authorization. The announcement was made in a press release on April 14, 2025.
According to the FCA, CRYPTOSMART may be offering or promoting financial services in the UK without authorization. The firm is not registered with the FCA and may be targeting UK consumers. Its listed contact details include an address in London, an email (support@cryptosmartlimited.com), and a website (www.cryptosmartlimited.com). The FCA advises caution, noting that unauthorized firms often use misleading or false contact information.
UK cryptoasset businesses must register with the Financial Conduct Authority 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. Misleading or incomplete applications may be rejected.
In another instance of regulatory action, 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 this issue, noting that these failures increased money laundering risks. This marks the first enforcement action under the Electronic Money Regulations 2011.
Learn Signal reports that the Financial Conduct Authority was established on April 1, 2013, succeeding the Financial Services Authority 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 the integrity of the UK’s financial markets, and promoting effective competition in consumers’ interests.
