UK FCA establishes temporary crypto registration regime due to backlog
Regulatory body buys itself a further six months to process submitted applications. The United Kingdom’s Financial Conduct Authority has issued temporary registrations to crypto-asset companies that have already submitted applications but not yet been processed.According to a Dec. 16 announcement, this will allow the companies to continue trading for an extended period until July 9, 2021, following the initial registration deadline of Jan. 10, 2021.As Cointelegraph reported, the FCA became the supervisor of Anti-Money Laundering and Counter Terrorist Financing measures for crypto firms in....
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Many companies operating with cryptocurrencies are not meeting anti-money laundering regulations, the U.K.’s Financial Conduct Authority revealed. The government agency has extended its temporary registration scheme after facing a growing number of crypto firms that are withdrawing their applications. FCA Extends Temporary Registrations Regime Till End of March 2022 The Financial Conduct Authority (FCA) announced Thursday it’s extending the end date of the Temporary Registrations Regime (TRR) for crypto businesses to March 31, 2022. The regulatory body pointed out that a....
The Temporary Registrations Regime's end date for crypto companies has been pushed to March 2022. The United Kingdom’s Financial Conduct Authority (FCA) has extended the end date of crypto-asset companies’ temporary registration from July 2021 to March 2022.The Temporary Registrations Regime, or TRR, was established last year to enable crypto businesses to continue trading while their registrations were still being assessed by the FCA. With the latest announcement, any crypto companies that applied before Dec. 16, 2020 have temporary registration until March 31, 2022.After becoming the....
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for cryptocurrency businesses looking to operate in the country.According to a Reuters report on Tuesday, the number of withdrawn licensing applications from crypto businesses increased by over 25% in June.Indeed, Cointelegraph reported near the beginning of the month that 51 crypto firms had withdrawn earlier submitted filings for registration with the....
Binance, the world’s largest crypto exchange with over 28 million users, said early Monday that it had temporarily suspended all crypto withdrawals on its website. The exchange attributed it to “a large backlog.” We have temporarily disabled all crypto withdrawals on https://t.co/QILSkzx7ac due to a large backlog. Rest assured our team is working on it […]
As of March 25, there are 12 firms permitted to “carry out crypto asset activities” under FCA temporary registration status, including CEX.IO, Revolut and Copper. The Financial Conduct Authority, the United Kingdom’s financial regulator, has extended the temporary registration status of some firms offering crypto services beyond its Friday deadline.In a Tuesday statement, the FCA said “a small number of firms” in the crypto space will continue to have temporary registration status in the United Kingdom “where it is strictly necessary.” The financial regulator reiterated that temporarily....