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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.

작성자 Jamie Crawley
업데이트됨 2021년 9월 14일 오후 1:18 게시됨 2021년 6월 29일 오전 10:35 AI 번역
(Piotr Swat/Shutterstock)

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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