Crypto Firms Are Giving Up UK Regulatory Registration Bids: Report
The number of companies abandoning their bids to register with the financial watchdog has increased by a quarter in less than a month.
Crypto firms are dropping their bids to register with the U.K.'s Financial Conduct Authority (FCA) amid mounting regulatory scrutiny of the industry.
- The number of companies abandoning their efforts 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.
- The news follows a development over the weekened that 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 to register with the FCA for the regulator to determine whether they are meeting anti-money laundering and counter-terrorist financing standards.
- Just six companies have successfully completed registration, the most recent of which was Mode Global. That was announced last week.
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.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.