Kraken subsidiary Crypto Facilities receives FCA approval in the UK

Kraken subsidiary Crypto Facilities receives FCA approval in the UK

Crypto Facilities, a wholly owned subsidiary of crypto exchange Kraken, has been granted a MLR license with the the U.K.'s financial regulator, the Financial Conduct Authority (FCA).

This license means that the company is compliant with money laundering regulations in the country, as far as its cryptocurrency activities go. It also shows that it maintains the same anti-money laundering standards as FCA-regulated banks have to meet.

This means that Kraken can continue to offer derivatives trading to its customers in the U.K. through Crypto Facilities, which is one of few firms that has a license to do so. Other firms provide access to similar services by being located abroad and not registering with the FCA.

Getting the license enables Crypto Facilities to offer further financial instruments related to cryptocurrencies. "It paves the way for us to enhance and expand our offering, ensuring clients have access to the various exposures that best fit their investment needs,” said Crypto Facilities CEO Gary Worrall, in a statement.

Other firms that have been granted MLR licenses include Mode, two Gemini entities, Archax, Ziglu and Digivault.

Source