Mode Global Holdings approved by UK regulator

Posted by Ravindu Dabarera Posted: Jun 25, 2021

Mode Global Holdings, a London-listed fintech app, has become the fifth company to be added to the Financial Conduct Authority’s crypto-assets register

The other companies already on the register are Archax and Ziglu, two Gemini entities, and the custody business of Diginex, Digivault. The latter was approved on May 14th.

The goal of the register is to assess the AML and counter-terrorist financing processes used by crypto-based startups. It was first announced by the FCA in January 2020, and the deadline to register is set at March 31st 2022. More resources were said to have been allocated following a 527-day wait for review by an applicant, according to City minister John Glen.

What do they have to offer?

Mode lets customers and businesses buy, sell and store bitcoin. They have also announced a renewed focus on building a payment app with a bitcoin cashback product tacked on. This is being done in tandem with the decommissioning of their investment product “Bitcoin Jar” from August 31.

Mode has managed to secure an Electronic Money Institution licence through a subsidiary named Greyfoxx Limited. Another subsidiary, Fibermode Limited, is the entity that has been added to the FCA’s crypto register.

“We’ve spent the last year building our business around security and compliance, and today we can say our ecosystem is powered by a portfolio of FCA licences, hard-earned by building trust with the regulator,” said Jonathan Rowland, Mode’s chairman.

Mode’s market capitalisation currently lies around $61 million.

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