Mode Global Approved by UK Regulator for Crypto-Asset Registration
24 Jun, 2021•1 min read•Regulation
Mode Global Holdings won approval from the U.K.’s Financial Conduct Authority (FCA) to join the regulator’s crypto-asset business register.
The financial-services regulator granted anti-money laundering approval to Mode's Fibermode subsidiary and awarded an electronic money license to its Greyfoxx unit, an announcement Thursday said. With the registration, Mode plans to decommission its "Bitcoin Jar" investment product to focus on building a payment solution with a bitcoin cashback offering. Mode shares trade on the London Stock Exchange with a market capitalization of over £44 million ($61 million). The FCA became the U.K.'s anti-money laundering and counter-terrorist financing supervisor of crypto-asset firms in January, requiring businesses to register under its auspices to continue to operate. Mode joins two Gemini entities, Archax, Ziglu and Digivault, the custody arm of Diginex on the register. The deadline for registration was recently extended from July 9 2021 to March 31 2022. The regulator warned yesterday that there are 111 unregistered crypto-asset firms in the U.K., which poses a risk to the broader financial system.