Author Topic: UK stock markets begin to withdraw FCA filings  (Read 200 times)

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UK stock markets begin to withdraw FCA filings
« on: June 29, 2021, 09:56:28 PM »

The number of cryptocurrency firms applying to register with the Financial Conduct Authority (FCA) in the UK is decreasing. The reason for this is the increasing level of regulation in the country.

According to the news of Reuters; The number of cryptocurrency firms in the UK that have stopped registering with the FCA has increased by a quarter in less than a month. The number of companies, which was 51 at the beginning of June, increased to 64 before the end of the month.

🚨It started after Binance news
It is also noteworthy that the news emerged after Binance, which is considered the largest stock exchange in the world, asked to stop its activities, even if it was regulated in the country by the FCA. According to a spokesperson for the FCA, Binance also withdrew its application to register with the institution in May.

🚨Money laundering and terrorism financing…
As it is known, crypto companies operating in the UK must register with the FCA to determine whether they meet the standards required to prevent terrorism financing and money laundering. The deadline for registration is March 31, 2022.

🚨Bybit was the first to leave.
It is stated that there are only 6 companies that have successfully completed the registration so far, and the last of them is Mode Global, whose transactions were completed last week. In the UK, the operation against cryptocurrency exchanges started a few years ago, and first of all, one of the derivatives exchange giants Bybit, announced that it was withdrawing from the country.