UK-based crypto companies under pressure as FCA deadline approaches

After several deadline extensions, the Financial Conduct Authority has until the end of March to assess crypto companies that operate under the temporary registration regime (TRR).

After several deadline extensions, the Financial Conduct Authority has until the end of March to assess crypto companies that operate under the temporary registration regime (TRR).

Back in January 2020, the FCA announced that UK-based crypto companies would need to comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations (MLRs).

John Glenn, Economic Secretary to the Treasury and City Minister, expressed hope that the new regulations would boost “confidence in the UK as a safe and reputable place to start and grow a cryptoasset business”.

As of March 3rd, full approval was granted to 33 companies, including eToro and Gemini. Blockchain.com, Revolut, and 20 others continue operating based on temporary registration.

According to the FCA, a “significantly high number” of applicants were not meeting the requirements. Dozens, including Binance, have withdrawn their applications.