Over 60 Crypto Firms Withdrawing Application From UK FCA

Fazzaco learned that an increasing number of crypto asset firms are withdrawing their applications to register with the UK's Financial Conduct Authority (FCA). Around 64 applications have been withdrawn, which is up from 51 in early June, an FCA spokesman said.

The FCA has established a Temporary Registration Regime (TRR) to allow existing cryptoasset firms, who have applied to be registered with the FCA before 16 December, to continue trading.

The original deadline for the TRR was July 9, but was recently extended to March 2022. The FCA said it was extending the deadline because many businesses were not meeting the required anti-money laundering standards. 

​Fazzaco recently reported that the FCA warned consumers, banks and payment services companies against dealing with the 111 crypto asset firms that are operating in Britain without necessary registration. Meanwhile, the FCA issued a warning against Binance​, one of the world's biggest crypto exchanges, for undertaking regulated activities in the UK without authorization.