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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.
Updated Sep 14, 2021, 1:18 p.m. Published Jun 29, 2021, 10:35 a.m.
Crypto firms are dropping their bids to register with the U.K.'s Financial Conduct Authority (FCA) amid mounting regulatory scrutiny of the industry.
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- 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.
Read more: UK Financial Markets Regulator Warns About Unregistered Crypto-Asset Firms: Report
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
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