Only 3 of the 9 Exchanges UK Crypto Users Use Most Are on the FCA Register

The FCA's own consumer research asked UK crypto users which exchanges they had used. Of the 9 centralised exchanges used by at least 5% of them in 2025, 3 have a company on the FCA's list of registered cryptoasset firms: Coinbase, Crypto.com, Kraken. The others (Binance, Bybit, KuCoin, Bitget, OKX, Gate) do not. None of them, and no other firm, holds FSMA cryptoasset authorisation yet; that only becomes possible as the regime starts on 25 Oct 2027.

What the FCA Survey Says

The research, carried out by YouGov for the FCA between 5 August and 2 September 2025, found that 73% of UK crypto users buy through a centralised exchange. Coinbase (61%) and Binance (44%) are the most used exchanges, with Binance down 5 points on 2024 (FCA research note, Figure 27). Only 32% of exchange users said they knew their exchange was registered in the UK.

Register Status, Exchange by Exchange

• Coinbase, Crypto.com and Kraken each have a UK company on the register (CB Payments Ltd; Foris DAX UK Limited; Payward Ltd and Crypto Facilities Ltd).
• Binance: the FCA has said since 2021 that no Binance Group entity holds any UK authorisation, registration or licence (FCA). POLITICO reported on 28 August 2026 that Binance was expected to apply under the new regime (press); we found no statement from Binance itself.
• Bybit and OKX are not on the register; both say their UK promotions are approved by an FCA-authorised firm (Archax and Gateway 21 respectively). That is permission to advertise, not a registration.
• KuCoin, Bitget and Gate are not on the register and we found no UK statement from them.
• HTX (Huobi) and Poloniex, each used by about 1% of respondents, are on the FCA Warning List.

Why This Matters Before 28 February 2027

Exchanges that are not registered today can still apply for FSMA authorisation; MLR registration is not a precondition. But a firm that relies on an s.21 approver and does not apply before 25 October 2027 must run off its UK business before that date (FCA). For UK users, the question for each exchange is whether it applies in the window, and whether the FCA authorises it.

Method

Survey shares are read from Figure 27 of the FCA research note (base: 1,044 users who used an exchange, 2025). Uniswap is excluded as a decentralised protocol, FTX is bankrupt, and Bithumb, Upbit and LMAX Digital (1% or less each) are not tracked. Register status comes from the FCA list read on 21 Oct 2026; Warning List status from FCA warning pages for the exchange's own name or website, not clone warnings. Brand-to-company matching is ours; see the methodology.