UK Financial Watchdog Warns Consumers Against CoinBurp Crypto Launch

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LONDON, July 25 (Reuters) – Crypto broker CoinBurp does not have clearance for the planned launch of its $ BURP token and initial exchange offer on Monday, July 26, the Britains Financial Conduct Authority said on Sunday ( FCA) during the latest crypto crackdown. trade.

CoinBurp said last week that it had raised $ 6 million to create a platform for buying and selling non-fungible tokens (NFTs), digital assets that are attracting the interest of some investors, but also the scrutiny by regulators worried about the risks.

The company is not yet fully registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Payer Information) regulations… but has applied for registration with of the FCA, the FCA said in a statement.

Although CoinBurp is listed on the FCA’s temporary registration ledger, this does not allow any business to claim to be registered or authorized by the FCA, the watchdog said.

Although companies with this status may continue to trade, these companies and their staff have not yet been assessed as fit and suitable, and we have not yet determined their application for the purposes of money laundering regulation. money, FCA said.

CoinBurp, which could not be reached immediately for comment, says on its website that $ BURP is coming! Be the first to know when we launch our own utility and governance token.

The construction of this product means that CoinBurp – as a regulated broker – will have NFTs listed on the market and can be made available to investors in large and small amounts, he said in a press release on Friday.

The FCA statement is the latest in watchdog warnings to consumers that they could lose all the money in crypto assets.

In June, the FCA said that Binance, one of the largest cryptocurrency exchanges in the world, cannot conduct any regulated activity and issued a warning to consumers about the platform, which has since broken down. subject to increasing regulatory scrutiny globally. (Report by Huw Jones edited by Mark Potter)

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