FCA warns about unauthorized crypto services from Walton Assets

The Financial Conduct Authority (FCA) has issued a warning regarding Walton Assets, a firm offering financial and crypto-related services without proper authorization.

According to the FCA, Walton Assets, located at 189 Great Portland Street, London, is providing these services without authorization and may be targeting UK residents. Consumers engaging with this firm are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), making it unlikely they will recover lost funds. The FCA advises consumers to verify firms through its Firm Checker and warns that unauthorized firms may use false contact details to appear legitimate.

UK cryptoasset businesses must register with the FCA under the Money Laundering Regulations if they intend to offer services falling within those rules. This requirement applies even to firms already authorized for other financial services. Registration involves submitting an application through the FCA's Connect system, paying applicable fees, and providing detailed information about the business, its activities, and key individuals. All officers, managers, and beneficial owners must pass a "fit and proper" assessment. The FCA considers past convictions, regulatory compliance, and business conduct during evaluation. Misleading or incomplete applications may be rejected.