The UK Financial Conduct Authority (FCA) published draft guidance on October 21 regarding the regulatory status of crypto trading apps. The regulator set out its view that apps which compare prices, liquidity, costs, and execution speed to select counterparties or trading routes may qualify as “intermediaries” in cryptoasset trading, meaning firms’ compliance will be tested under the new authorization regime taking effect on October 25, 2027.

Intermediary activity is designated as an activity requiring FCA authorization under the new regime. DeFi (decentralized finance) aggregators that compare prices across multiple exchanges and route orders may also be captured. On the same day, the FCA published two documents: draft guidance for…