Crypto Payments Firm Wirex Withdraws From FCA's Register as Deadline Looms

Wirex will now serve U.K-based customers from its overseas base in Croatia.

AccessTimeIconMar 28, 2022 at 12:43 p.m. UTC
Updated Mar 28, 2022 at 1:56 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Cryptocurrency payments app Wirex has withdrawn from the U.K. Financial Conduct Authority's (FCA) temporary registration regime ahead of the March 31 deadline to obtain full registration.

  • Firms yet to receive full approval by the U.K. financial watchdog were placed on its Temporary Registration Regime (TRR) allowing them to continue doing business until the end of March.
  • With the deadline only days away, Wirex has taken the decision to withdraw from the TRR, the company said in a statement.
  • Wirex will now serve U.K-based customers via its subsidiary Wirex Digital, which is licensed in Croatia by local regulator HANFA.
  • The FCA became the U.K.'s authority for anti-money laundering and countering the financing of terrorism (AML/CFT) at the start of 2020, and since then over 100 firms have registered to be supervised by the regulator. To date, only 33 have been approved.
  • Such well-known crypto firms as Blockchain.com, Copper and Revolut remain on the TRR with their fates post-March 31 yet to be determined.



Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.