[UK FCA Says Algorithm-Based Crypto Apps May Require Licensing] Golden Finance reports that on October 24th, the UK Financial Conduct Authority (FCA) released draft guidance (CP26-36), stating that if crypto trading apps assess and select trading venues or execution paths for clients based on price, liquidity, cost, or execution speed, it may constitute "arranging crypto trades" and require authorization under new regulations effective October 25, 2027. This interpretation may bring DeFi aggregators and automated trading interfaces under the UK licensing system, forcing operators to obtain regulatory approval or change how their software processes client trades. The FCA points out several "discretionary participation" indicators: modifying trading instructions, determining execution timing, and route selection based on counterparty risk or expected outcomes; and emphasizes that automated decision-making does not exempt developers/operators—the algorithm executes selection criteria set by the provider. Interfaces that simply forward client instructions without affecting execution may enjoy exemptions for technical services. Existing UK crypto businesses must submit their applications between September 30, 2026 and February 28, 2027; the FCA's consultation period ends on November 18, with a target of a final draft by January 2027 (the consultation document is referred to as "spring"). Businesses have a limited window of opportunity.