Crypto Payments Firm Wirex Withdraws From FCA's Register as Deadline Looms

Cryptocurrency payments app Wirex has withdrawn from the U.K. Financial Conduct Authority's (FCA) temporary registration regime ahead of the March 31 deadline to obtain full registration.

• Firms yet to receive full approval by the U.K. financial watchdog were placed on its Temporary Registration Regime (TRR) allowing them to continue doing business until the end of March.
• With the deadline only days away, Wirex has taken the decision to withdraw from the TRR, the company said in a statement.
• Wirex will now serve U.K-based customers via its subsidiary Wirex Digital, which is licensed in Croatia by local regulator HANFA.
• The FCA became the U.K.'s authority for anti-money laundering and countering the financing of terrorism (AML/CFT) at the start of 2020, and since then over 100 firms have registered to be supervised by the regulator. To date, only 33 have been approved.
• Such well-known crypto firms as Blockchain.com, Copper and Revolut remain on the TRR with their fates post-March 31 yet to be determined.

Read more: Crypto Payments Firm Wirex Expands to US, Begins Distributing Crypto-Linked Visa Debit Card