Do crypto exchanges have to register with the FCA?

In the ever-evolving world of cryptocurrency and finance, one of the pivotal questions that arise concerns the regulatory framework surrounding crypto exchanges. Given the volatile nature of the crypto market and the need for transparency and accountability, do crypto exchanges have to register with the Financial Conduct Authority (FCA)? This question aims to delve deeper into the regulatory obligations that crypto exchanges must adhere to in order to ensure compliance with local and international financial regulations. The FCA, as a leading regulatory body in the UK, plays a crucial role in overseeing the financial services industry, including crypto-related activities. By examining this question, we can gain a better understanding of the regulatory landscape for crypto exchanges and the implications it has for the industry at large.