Crypto Firms Are Giving Up UK Regulatory Registration Bids: Report
29 Jun, 2021•1 min read•Regulation
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.