FCA Issues Warning against Coinburp Limited

​The Financial Conduct Authority (FCA) recently has issued a warning against the cryptocurrency trading platform Coinburp Limited (Coinburp), which planned to roll out the CoinBurp $BURP Token and Initial DEX Offering on 26 July 2021. 

According to the UK financial regulator, Coinburp has not yet achieved full FCA Registration under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (as amended) (hereinafter referred to as “Regulations”) but only has submitted an application to the FCA for registration.

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The firm does appear on the FCA’s Temporary Registration Register (TRR). Whilst firms with this status can continue to trade, such firms and their personnel have not yet been assessed as fit and proper, and the FCA has not yet determined their application for the purposes of the Regulations.

The watchdog warns that high risks related to investments in cryptoassets (and investments and lending products linked to them) and it has limited powers to protect investors.

On 10 January 2020, the FCA became the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for some activities undertaken by cryptoasset firms operating by way of business in the UK, including exchanges of money into cryptoassets, cryptoassets into money and exchanges of cryptoassets for other cryptoassets.