Several crypto companies could be forced to exit the U.K. if they could not meet the registration deadline set by the Financial Conduct Authority (FCA). From March 31, companies operating crypto services in Britain must be registered with the regulator or face being ousted from the country. The FCA oversees how digital firms deal with money laundering on their platforms.
Many Firms In Dilemma As Deadline Nears
The watchdog extended the deadline from last year, which allowed firms that have registered temporarily to complete their registration. It also gave the firms the right to continue operating while they sought full authorization. However, the extended deadline is very close and most firms are still scrambling to get their license.
Already, some digital assets firms that feel they can’t meet the deadline have withdrawn their applications. Some of them couldn’t meet the required anti-money laundering standard. With few days left on the deadline, the fate of several top firms, including billion-dollar fintech Revolut, hangs in the balance.
INVESTOR, ByAli RazaPRO, et al. “Crypto Firms Scramble for Registration as FCA Deadline Nears.” InsideBitcoins.com, 29 Mar. 2022, https://insidebitcoins.com/news/crypto-firms-scramble-for-registration-as-fca-deadline-nears.