Tech

FCA extends crypto registration deadline to 12 businesses

The UK financial regulator has temporarily extended the deadline for 12 cryptocurrency companies to register their UK operations or cease doing business in the country.

The crypto firms, including Revolut and Copper Technologies, faced a March 31 cliff edge from the Financial Conduct Authority (FCA).

But the 12 companies will now be given extra time to register – provided the companies can prove that more time is needed.

The FCA has previously announced that any failed crypto exchanges must register by the cessation deadline for UK operations.

It comes as part of the FCA’s efforts to combat money laundering and other financial crimes.

RATN he understands that Revolut expects crypto asset trading to resume soon.

When contacted RATNA Revolut spokesman said: “We do not comment on ongoing regulatory requests.”

All traders of non-partial crypto assets are expected to meet the original FCA deadline as originally intended. list of 12.

The 12 companies that have been extended are: BCB Group, Blockchain.com, CEX.IO, Copper Technologies, GlobalBlock, GCEX, ITI Digital, BC Bitcoin, Revolut, Moneybrain, Monolith and Coindirect.

The latest FCA encryption clash

The FCA is regularly fighting with large and small crypto exchanges over the right to operate with regulatory approval in the UK.

Binance, one of the largest crypto exchanges in the world, recently addressing criticism from the FCAexpressed concern about how the exchange regained the right to operate on the UK market.

The FCA too challenge British operations Bitpandaseek UK regulatory approval in part through the acquisition and integration of the already registered Trustology.

“We have seen a high number of crypto asset firms that have applied for registration that do not meet the standards to ensure that firms are not used to transfer or conceal criminal funds,” an FCA spokesman previously said. CNBC.

The spokesman also said that only 33 applications from crypto firms were approved, and more than 80% of the firms assessed after withdrawal or rejection.

“Businesses that do not meet the expectations benchmark can withdraw their application. Businesses that decide not to withdraw our decision have the right to appeal an appeal, including through the courts. ”



FCA extends crypto registration deadline to 12 businesses

Source link FCA extends crypto registration deadline to 12 businesses

Back to top button