UK crypto promotions: enforcement and regulatory reality

Binance and the FCA crackdown

The FCA prohibits Binance Markets Limited from performing regulated activities in the UK because no other entity in the Binance group holds UK authorisation, registration, or license to conduct regulated activity. Binance attempted to partner with Rebuildingsociety.com to comply with marketing rules, but the FCA blocked this partnership. At least three other firms declined to approve Binance’s marketing after the regulator expressed concerns about working with them. This enforcement follows the first proceedings against an offshore platform in October 2025, where the FCA cited the firm’s English language website, acceptance of GBP, and social media advertising in the UK. The FCA’s particulars of claim form sets out various factors, including the lack of controls on UK access, an English language website available in the UK, the acceptance of GBP currency, and having a substantial number of UK users. The regulator also requested that social media companies and app stores block the UK. Because most firms advertising cryptoassets lack FCA authorisation, investors lose access to the Financial Ombudsman Service and the Financial Services Compensation Scheme if they invest with them. The FCA also banned the sale of crypto derivatives and exchange traded notes that reference certain crypto assets to retail consumers. Binance’s Binance Markets Limited unit is a recent acquisition of the group. Will the regulator allow more offshore firms to operate through these loopholes?

Revolut and eToro compliance

Revolut X applies MiCA standards to its token admission process. The platform excludes any asset-referenced tokens or electronic money tokens that do not comply with MiCA Titles III and IV. Revolut X also excludes privacy tokens that conceal transaction data or sender identities. You should know that Revolut X excludes financial instruments classified under MiFID II because the platform lacks the necessary licenses. eToro (Europe) obtained a MiCA license from CySEC in January 2025 to provide regulated crypto-asset trading and custody across the European Economic Area. Revolut X performs customer due diligence by identifying issuers, reviewing regulatory status, screening against sanctions, and assessing token concentration. The platform’s risk-based scoring assessment evaluates tokens for liquidity risk, technological risk, privacy features, sanctions, financial crime risks, and market manipulation. Revolut X tokens undergo a three-stage review involving liquidity verification, risk-based scoring, and final approval. All approvals must occur prior to the launch of the tokens to Revolut X users. The scoring process uses an internal methodology where tokens must meet minimum score thresholds. eToro (UK) Ltd is registered with the FCA to offer crypto services under the 2017 Money Laundering, Terrorist Financing and Transfer of Funds Regulations.

Archax and the RWA market

Archax operates as the first FCA-regulated digital securities exchange and custodian in the UK. The platform provides professional and institutional investors access to digital issuances through its primary raise platform. Archax established a distribution agreement with Tokenised GBP to allow access to tokenised real-world assets. This agreement enables holders of tGBP to purchase tokenised money-market funds from providers including BlackRock, Fidelity, and State Street. Archax also hosts tokenised equity, bond, and fund issuances. The platform uses R3’s private, permissioned Corda blockchain for post-trade functions and Aquis market surveillance technology. Archax provides MTF permissions, CASS custody permissions, and brokerage permissions to its users. The platform’s primary raise platform includes initial postings from ScribeStar and Circularr. Archax uses Aquis matching engine technology to manage market activity. This regulation as an SME Growth Market enables fractional ownership and global secondary markets for digital assets. This platform allows for instantaneous real-time settlement of digital instruments. Archax’s primary raise platform allows start-ups and early-stage businesses to raise capital from pre-vetted investors.