4 June, 2021
Many cryptocurrency firms are not meeting Britain’s anti-money laundering and counter-terrorism financing rules, the country’s financial watchdog said on Thursday.
The cryptocurrency world has been plagued blase with regards to following money laundering and other illegal activities, it said.
While standards are widely seen to have improved, global regulators and policymakers continue to voice concerns over the use of crypto in illicit activities. read more
Since January, cryptocurrency-related firms have had to register with Britain’s Financial Conduct Authority (FCA) – which oversees their compliance with UK laws designed to prevent money laundering and terrorist financing – before doing business.
“The FCA will only register firms where it is confident that processes are in place to identify and prevent this activity,” it said.
Only five firms are registered with the FCA. As of May 12, another 90 have temporary registration, allowing them to continue trading while their applications are assessed. The FCA says this status does not deem them “fit and proper”.
| Ziglu Limited | 900977 | 1 Poultry,London,EC2R 8EJ,UNITED KINGDOM | +442039018605 | MLRs Registered | 01 Sep 2020 |
| Gemini Europe Services Ltd | 921817 | 1 Poultry,London,EC2R 8EJ,UNITED KINGDOM | +4401445707008 | MLRs Registered | 19 Aug 2020 |
| Digivault Limited | 927958 | 118 Piccadilly London,W1J 7NW,UNITED KINGDOM | +4402034050000 | MLRs Registered | 12 May 2021 |
| Archax Ltd | 838656 | 125 Old Broad Street,London,EC2N 1AR,UNITED KINGDOM | +4402030342780 | MLRs Registered | 18 Aug 2020 |
| Gemini Europe Ltd | 900988 | 1 Poultry Office 02-102,London,EC2R 8EJ,UNITED KINGDOM | MLRs Registered | 19 Aug 2020 |
The watchdog will extend the end date of its temporary registrations regime from July 9 to the end of March 2022, it said.
The FCA said 51 firms have withdrawn their applications for registration and can no longer trade. Firms that do not do so are subject to FCA enforcement, it added.
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