Crypto Firms Are Giving Up UK Regulatory Registration Bids: Report

Crypto Firms Are Giving Up UK Regulatory Registration Bids: Report

Crypto firms are dropping their bids for registration with the U.K.’s Financial Conduct Authority (FCA) amidst mounting regulatory scrutiny of the industry.

  • The number of companies abandoning their bids to register with the financial watchdog has increased by a quarter in less than a month, Reuters reported Monday.
  • Fifty-one had dropped their bids in early June, a number that has now increased to 64.
  • This news follows closely after the FCA banned crypto exchange Binance from undertaking any regulated activities in the U.K.
  • Binance withdrew its application in mid-May, an FCA spokesperson said.
  • Crypto firms have until March 31, 2022 to register with the FCA for the regulator to determine whether they're meeting anti-money laundering and counter-terrorist financing standards.
  • Just six companies have successfully completed registration, the most recent of which was Mode Global, announced last week.
  • Source