13 more crypto firms withdraw licensing applications in the UK

13 more crypto firms withdraw licensing applications in the UK

Local and international crypto businesses in the United Kingdom seem unable to meet stringent demands set by financial regulators. The United Kingdom Financial Conduct Authority’s (FCA) crypto licensing regime is reportedly proving arduous for cryptocurrency businesses looking to operate in the country.According to a Reuters report on Tuesday, the number of withdrawn licensing applications from crypto businesses increased by over 25% in June.Indeed, Cointelegraph reported near the beginning of the month that 51 crypto firms had withdrawn earlier submitted filings for registration with the....


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51 crypto firms withdraw licensing applications in the UK

The inability to satisfy Anti-Money Laundering standards set by regulators in the United Kingdom is reportedly forcing many crypto companies out of business. Strict Anti-Money Laundering laws in the United Kingdom appear to be constituting a major operational hurdle for crypto firms in the country.According to the U.K. Financial Conduct Authority (FCA), several crypto businesses in the country might be preparing for an exit.In a release issued on Thursday, the regulatory agency revealed:“A significantly high number of businesses are not meeting the required standards under the Money....

64 Cryptocurrency Firms Have Withdrawn Applications to Operate in UK, FCA Says

A growing number of crypto firms in the U.K. are withdrawing their applications to register with the Financial Conduct Authority (FCA). Around 64 firms have already withdrawn their applications and will not be able to operate in the U.K. The list of cryptocurrency companies abandoning their attempts to register with the U.K.’s financial regulator is growing, Reuters reported Monday. Under the current crypto regulation, the Financial Conduct Authority (FCA) is responsible for ensuring crypto companies’ compliance with laws on the prevention of money laundering and terrorist....

No More Ethereum ETFs? Proshares, VanEck Withdraw Ether ETF Proposals

Merely two days ago, fund managers VanEck and ProShares filed with the U.S. Securities and Exchange Commission (SEC) to bring Ethereum exchange-traded funds (ETFs) to the U.S. markets. However, the two firms broke news on Friday that they have both chosen to withdraw their active applications.  Similar to the dozens of Bitcoin ETFs awaiting approval, […]

VanEck and ProShares apply to withdraw Ethereum ETF filings from SEC

It’s unclear why both asset managers chose to apply for and withdraw seemingly similar applications for Ether ETFs on the same days. Less than two days after submitting separate applications to the United States Securities and Exchange Commission (SEC), asset managers VanEck and ProShares have seemingly decided not to pursue exchange-traded funds (EFTs) with exposure to Ether.In individual Friday filings with the SEC, legal representatives of VanEck and ProShares both said the firms had elected not to proceed with registering their respective Ether-based exchange-traded funds. VanEck had....

UK Regulator Allows 5 Crypto Firms to Operate With Temporary Registration

Britain’s top financial regulator, the Financial Conduct Authority (FCA), has allowed five crypto firms to continue to operate in the U.K. with temporary registration. The deadline for crypto firms to register with the FCA was last week but these five firms’ applications are still pending. Five Crypto Firms Can Continue to Operate in the UK With Temporary Registration The U.K. Financial Conduct Authority (FCA) updated its list of crypto asset firms with temporary registration Thursday. There are now five firms on the list: Cex.io Ltd., Copper....