64 Cryptocurrency Firms Have Withdrawn Applications to Operate in UK, FCA Says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 Around 64 firms have already withdrawn their applications and will not be able to operate in the U.K. The list of cryptocurrency companies abandoning their attempts to register with the U.K.’s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....
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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for cryptocurrency businesses looking to operate in the country.According to a Reuters report on Tuesday, the number of withdrawn licensing applications from crypto businesses increased by over 25% in June.Indeed, Cointelegraph reported near the beginning of the month that 51 crypto firms had withdrawn earlier submitted filings for registration with the....
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....
Only five crypto firms have received FCA AML registration after the authority became the official money laundering supervisor for crypto businesses last year. Cryptocurrency businesses in the United Kingdom have been struggling to meet Anti-Money Laundering standards set by the Financial Conduct Authority, according to a senior official.John Glen, a member of U.K. Parliament and the economic secretary to the Treasury, pointed out major difficulties in the process of registering crypto firms under the FCA’s AML regulations in official comments on Friday.According to the official, only five....
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....
The Financial Conduct Authority named CEX.IO, Revolut, Copper, Globalblock and Moneybrain as companies in the crypto space temporarily allowed to operate in the United Kingdom. The number of firms permitted to offer crypto services to U.K. residents under temporary registration status from the Financial Conduct Authority has dropped from 12 to five. According to a Thursday update to its list of "Cryptoasset firms with Temporary Registration," the United Kingdom’s financial regulator named CEX.IO, Revolut, Copper, Globalblock and Moneybrain as companies in the crypto space allowed to....