The Financial Conduct Authority (FCA) has rejected a number of crypto company applications due to their failure to meet requirements.
A majority of these companies have since had to shut down or move their business elsewhere. Despite this, many of these companies are still serving U.K. customers from abroad.
New proposed rules could put a stop to that because planned requirements promise to mandate all crypto companies – local and foreign – to be registered and set up locally if they want to serve U.K. customers.
But until those rules kick in and set clear standards, the country’s financial regulator and the crypto firms vying for its approval are doomed to be locked in a metaphorical tug of war.
Since January 2020 crypto exchanges and custody providers operating in the U.K. have needed to register wth the Financial Conduct Authority (FCA).
But a number of firms have been operating in the country without registering, including Coinbase, Bitstamp, and Binance.
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