The Financial Conduct Authority (FCA) issued a warning on 13 March 2025 against Best Wallet, operating via bestwallet.com, bestwallettoken.com, and its mobile wallet app, for promoting cryptocurrency financial services in the UK without required permissions. The notice advises UK users to avoid the firm and highlights serious regulatory and consumer protection concerns.
Best Wallet, registered in Bulgaria, has been running a public blockchain-based crypto presale for its $BEST coin since November 2024, raising approximately $12 million to date. The Decentralized Finance (DeFi) crypto project also offers a self-custody, multi-chain crypto wallet application, available on the Apple App Store and Google Play Store for iOS and Android devices. While the team behind the Best Wallet crypto project remains anonymous, we previously published an investigative article that sheds light on who may be behind it.
FCA Flags Best Wallet for Lack of Authorization in the United Kingdom
The FCA warning confirms that Best Wallet is not listed on the Financial Services Register and lacks permission to carry out or promote crypto financial services to UK customers. Under UK law, firms must be authorized to offer or market crypto assets; any promotion without FCA approval is illegal.
The notice also includes the FCA’s generic caution that unauthorized firms may supply incorrect postal addresses, telephone numbers, or emails or reuse details belonging to other businesses to appear genuine. This underscores the risk of misleading contact information in unauthorized promotions.
Unrestricted UK Access to $BEST Presale and Crypto Wallet App Raises Regulatory Concerns
The Best Wallet crypto presale website displays a pop-up warning UK visitors to exit, but it lacks IP geolocation blocking or other technical measures to effectively bar UK residents from subscribing. Meanwhile, the Best Wallet mobile app—available on both the Apple App Store and Google Play Store—can be downloaded and used in the UK without any similar disclaimer or restriction.
Because UK financial promotion rules require firms to take active steps (not just display a notice) to prevent unauthorised UK-targeted offers, both the ongoing digital token sale and unrestricted app distribution raise compliance concerns under the FCA’s Financial Promotions Regime.
Consumer Protections Lost When Using Unauthorized Cryptocurrency Services
According to the FCA warning, using an unauthorized crypto service, such as Best Wallet, which is not listed on the FCA Financial Services Register, means forfeiting key UK consumer safeguards:
- No FSCS protection: Customers of unauthorised firms like Best Wallet are not eligible for the Financial Services Compensation Scheme if funds are lost or the platform fails.
- No Financial Ombudsman Service recourse: Complaints cannot be resolved through the free, independent dispute mechanism.
- Increased scam risk: Unregulated providers often lack transparent governance, heightening the potential for fraud or abrupt shutdowns.
FCA Guidance Recommends UK Investors Take the Following Steps to Avoid Unauthorized Crypto Firms
To avoid risks associated with unregistered platforms like Best Wallet, the FCA recommends that investors follow these steps:
- Check the FCA Financial Services Register for FCA-authorized crypto firms: Search by firm name or website address to confirm permissions for crypto custody, exchange, or token-sale activities. Best Wallet, for example, is not listed.
- Confirm FSCS coverage: Look for explicit references to the Financial Services Compensation Scheme under a firm’s permissions.
- Report suspected crypto providers: Use the FCA’s online contact form or call 0800 111 6768 to alert the regulator about unauthorized crypto providers such as Best Wallet.
- Subscribe to FCA crypto warnings: Sign up for email alerts on the FCA website to receive updates on newly flagged unauthorised firms.
By following these steps, UK crypto investors can avoid scams, reduce exposure to unauthorised crypto wallet services, and use only FCA-approved platforms.
