FCA highlights limited role as unregistered businesses continue to operate

Crypto.com has become the latest company to register with the UK's Financial Conduct Authority, as many continue to operate without approval.

The number of unregistered cryptocurrency-related businesses continues to outnumber those registered with the UK's Financial Conduct Authority. Crypto.com has become the latest company in the cryptocurrency ecosystem to register with the FCA, joining a list of 37 confirmed companies given the green light to offer services in the country.

Only seven companies went through the registration process in 2022 to gain approval for the Money Laundering Regulations, including eToro UK, DRW Global Markets LTD, Zodia Markets (UK) Limited, Uphold Europe Limited, Rubicon Digital UK Limited and Wintermute Trading LTD. Crypto.com is the seventh, registered under FORIS DAX UK Limited.

The FCA has also compiled a list of UK-based companies that continue to engage in “crypto-asset business” without being registered with the FCA for anti-money laundering purposes ( AML). The list is long and mainly includes companies offering a variety of cryptocurrency and foreign exchange trading services.

New cryptocurrency-focused regulations were instituted in January 2020 to enable the FCA to oversee companies operating in the space and enforce anti-money laundering and anti-money laundering regulations. financing of terrorism (MLR).

Companies had just over a year to submit applications to qualify for a temporary registration scheme (TRR), while failure to do so and continuing to operate could be considered a criminal offence.

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