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As of March 25, there are 12 firms permitted to âcarry out crypto asset activitiesâ under FCA temporary registration status, including CEX.IO, Revolut and Copper.
The Financial Conduct Authority, the United Kingdomâs financial regulator, has extended the temporary registration status of some firms offering crypto services beyond its Friday deadline.
In a Tuesday statement, the FCA said âa small number of firmsâ in the crypto space will continue to have temporary registration status in the United Kingdom âwhere it is strictly necessary.â The financial regulator reiterated that temporarily exempting the crypto firms from its previously announced Friday deadline âdoes not mean that the FCA has assessed them as fit and properâ but included situations in which a company âmay be pursuing an appealâ or was still in the process of winding down operations.
âOnly firms that are registered with us or on our list of firms with temporary registration can continue trading,â said the FCA. âOther firms must have ceased trading from 10 January 2021. Firms that have not ceased trading are at risk of being subject to the FCAâs criminal and civil enforcement powers.â
The FCA has approved registrations from 33 crypto companies since August 2020 in compliance with the U.K. laws covering Anti-Money Laundering, Combating the Financing of Terrorism and handling transfers of funds. In addition, the financial regulator granted temporary registration status to several companies until Friday, at which time the FCA was expected to reach a decision on the validity of their applications.
As of last Friday, there were 12 firms permitted to âcarry out crypto asset activitiesâ under this FCA temporary status, including CEX.IO, Revolut and Copper. The financial watchdog did not specify a new deadline for the firmâs registration to be approved or rejected but previously extended the review period from July 2021 to March 2022.
Related: FCA reiterates power to 'suspend or cancel' crypto firms' registrations following Bifinity concerns
Many crypto firms withdrew FCA registration applications following the regulator's seeming crack down on AML and CFT compliance in 2020. On March 13, the FCA ordered Bitcoin ATM operators to âshut down or face further action,â citing the lack of regulatory structure and the volatility of certain assets in addition to AML concerns.
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