Information on FCA warning list - December 2025

The FCA warning list contains alerts relating to entities we believe are undertaking or promoting regulated financial services without the authorisation necessary to do so legally. Cryptocurrency is still a largely unregulated space and cryptocurrency companies have only been placed on the FCA’s warning list since October 2023, when the financial promotion regime was extended to qualifying cryptoasset promotions.

Since October 2023, 3,366 alerts have been issued with regards to breaches of the financial promotion regime by entities promoting qualifying cryptoassets (as of end-November 2025). However, it is important to note that these are not necessarily all alerts relating to crypto “companies”, but alerts against likely scams or promotions which purport to offer crypto, and there appears to be a likely breach of s19/21/24 of the Financial Services and Markets Act 2000.

The year-by-year breakdown is as follows:

2023: 432 (regime go-live in October)

2024: 1,508

2025: 1,426 (end-November)

On 21 November 2025 you clarified that ‘the second question refers to all companies of all types.’

From 1 January 2020 to 8 December 2025 a total of 1,655 firms with a ‘clone’ record type appear in the FCA warning list. The figures are based on the date the record was added to the list.

The year-by-year breakdown is as follows:

Further details can be found in the Warning List published on our website.  If you type “clone” into the search bar of the Warning List, all alerts issued on entities purporting to be an FCA authorised firm will be displayed.  These can then be sorted by date added or updated.