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AIBC

UK crypto firms take stand against watchdog scrutiny

Posted: Jun 30, 2021 13:20 Category: Crypto , Regulatory , Posted by
Stanley Yin

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.

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