Nils Silinevics
Partner · AML & Crypto Compliance · Former FIU Investigator
WhiteBit is not registered with Financial Conduct Authority (FCA) — but your funds are not lost. Swiss lawyers submit directly to WhiteBit's compliance team, bypassing standard support. 90%+ success rate.
WhiteBit is not FCA-registered
FCA's cryptoasset register is mandatory — only registered firms can market crypto to UK consumers; FCA has warned 300+ firms for operating without registration
This matters because it determines which regulatory body has authority over your case — and whether you have a direct complaint path or need cross-jurisdictional legal action.
What this means for you: WhiteBit is not registered with Financial Conduct Authority (FCA), so direct regulatory complaints are limited. However, WhiteBit still operates under its home jurisdiction's AML laws (Lithuanian FCIS (AMLD5)). We submit legal documents directly to WhiteBit's compliance team — not through standard support channels.
Your funds are not illegal. Using an unregistered exchange in United Kingdom does not make your crypto holdings illegal under Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. You may face tax reporting obligations, but the funds themselves are yours.
under MLR 2017, you can complain to the Financial Ombudsman Service (FOS) if the exchange is FCA-registered — FOS can award up to £430,000 compensation
Under Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017, amended), WhiteBit must conduct customer due diligence and can freeze accounts during AML investigations. However, they must also:
If WhiteBit doesn't meet these obligations, we escalate to Financial Conduct Authority (FCA) and file a formal legal submission. For a broader comparison of how United Kingdom's rules stack up against other jurisdictions, see our AML laws by country reference.
capital gains tax (10% or 20%) on gains above £3,000 (2024-25 allowance); income tax if trading
If your WhiteBit account is frozen, you may still need to declare your crypto holdings on your United Kingdom tax return — even if you can't access them. Under United Kingdom law, the tax obligation may apply regardless of whether the funds are accessible. We recommend consulting a British tax advisor.
If the freeze causes you to miss a tax deadline, we can provide documentation for the Financial Conduct Authority (FCA) and tax authority explaining the situation.
A British client had €85000 frozen on WhiteBit after requesting a large withdrawal. WhiteBit flagged the transaction under Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017, amended). The client had no access to funds for 14 days. We filed a formal submission with WhiteBit's compliance team citing Financial Conduct Authority (FCA) guidelines and the client's transaction history. Within 14 days, WhiteBit released the funds after our submission demonstrated compliance with Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017, amended).
Details anonymized to protect client confidentiality. Swiss professional secrecy applies.
We analyze your WhiteBit account, transaction history, and United Kingdom regulatory context to identify the exact trigger. Was it a Chainalysis risk flag? A sanctions screening match? A source-of-funds demand? Each requires a different strategy.
We prepare documentation compliant with Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 — not just WhiteBit's standard templates. This includes source-of-funds proof, transaction tracing, and any required Financial Conduct Authority-specific forms.
We submit through WhiteBit's compliance channels — not standard support. Our submission is in English and references Financial Conduct Authority guidelines. We coordinate with Financial Conduct Authority even though WhiteBit is not registered.
We verify everything works and advise on preventing recurrence on WhiteBit. If WhiteBit doesn't respond within no statutory maximum, but FCA expects firms to resolve AML investigations within 30 days, we escalate to Financial Conduct Authority and pursue cross-jurisdictional action in Lithuania (EU) if needed.
Tell us what happened. A senior crypto compliance lawyer — not a chatbot, not a junior — will read your case and respond within 6 hours. Swiss professional secrecy applies from your first message.