UK crypto firms take stand against watchdog scrutiny

Category: Crypto Regulatory

The number of crypto firms abandoning UK regulatory restriction bids has increased significantly in the past month

The number of crypto companies in the UK abandoning their bids to register with the Financial Conduct Authority (FCA), has gone up by a quarter in less than a month, now amounting to 64 enterprises rejecting UK regulations.

Mass exodus from the watchdog’s list comes after Binance, the largest crypto exchange out there, from undertaking any regulated activities within the country. Binance was an early renegade in the matter, withdrawing their registration bid in mid-May.

However, UK clients will still be able to use Binance for transactions, limiting the impact of the FCA’s policies, but Binance will not be able to offer derivatives in the UK.

No more than six companies have successfully completed registration with the FCA, proving their compliance with anti-money laundering and counter-terrorist financing standards. The most recent addition was Mode Global.

Next up: Malta Week

Don’t miss out on amazing networking opportunities and exclusive industry insights at Malta Week. Four leading shows will bring the best of the business back-to-back to a first-class meeting point. Malta Week will consist of SiGMAAIBCMed-Tech World and AGS, each presenting the top developments of their focal industries.

The cross-collaboration of each brand make Malta Week the number one destination for leading think-tanks of the gaming sector, emerging tech, digital health and digital marketing. The middle of the Mediterranean is the perfect place for multi-faceted business deals and face-to-face conversations with leading affiliates, policymakers and thought leaders.

Top Crypto Exchanges