Cryptoassets

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The enforcement action offers insight for global firms into the FCA’s approach under the financial promotions regime.

By Stuart Davis and Gabriel Lakeman

On 10 February 2026, the FCA publicised that it has commenced proceedings against an offshore crypto platform for breach of the UK financial promotions regime for cryptoassets. This is the first enforcement action the FCA has taken following expansion of the financial promotion regime to cryptoassets on 8 October 2023 — although we are aware that…

  • The 2025 Crypto Custody Statement clarifies how broker-dealers can maintain “physical possession” of cryptoasset securities under the Customer Protection Rule, although does not provide further clarity on how broker-dealers can establish “control.”
  • Private key protection is crucial, ensuring broker-dealers maintain exclusive
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The update will create significant time pressure for firms seeking UK authorisation.

By Stuart Davis and Gabriel Lakeman

On 8 January 2026 the FCA published an update on the cryptoasset gateway (the Gateway) for firms seeking approval under the future regulatory regime for cryptoasset activities.1 The timings set out by the FCA will create significant time pressure on firms to prepare and submit applications earlier than many stakeholders in the industry anticipated.

Many stakeholders had been expecting that the…