U.K. authorities say crypto firms ‘fall short’ of AML rules

2021-6-5 19:00

Britain’s Financial Conduct Authority (FCA) said yesterday that numerous crypto businesses are withdrawing their application to legally register, while failing to meet anti-money laundering and counter-terrorism financing rules.

From the beginning of 2020, businesses performing cryptocurrency activities in the UK needed to comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and register with the FCA.

‘Unprecedented’ number of businesses withdrawing 

The FCA extended their deadline for the Temporary Registration Regime (TRR) for existing crypto firms from 9 July 2021 to 31 March 2022, allowing them to carry on business as they continue their assessments.

We are extending the Temporary Registrations Regime for existing #cryptoasset businesses from 9 July 2021 to 31 March 2022 https://t.co/EFH55WRR7v

— Financial Conduct Authority (@TheFCA) June 3, 2021

“A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations resulting in an unprecedented number of businesses withdrawing their applications,” the FCA said.

Only five firms that managed to register with the FCA include  Ziglu Limited, Gemini Europe Services Ltd, Digivault Limited, Archax Ltd, and Gemini Europe Ltd.

Another ninety businesses are currently allowed to continue trading as only temporarily registered, with applications pending determination.

Disciplining a 12-year old 

Bank of England Governor, Andrew Bailey, warned about “dangerous” cryptocurrencies and their lack of “intrinsic value” recently, joining the choir of regulators sounding alarms on crypto.

“For those who had assumed that it might turn into a currency – terribly sorry, but this is an asset, and it’s a highly speculative asset which has conducted some funny business and some interesting and totally reprehensible money-laundering activity,” said European Central Bank President (ECB) Christine Lagarde in January.

Roughly twelve years have passed since the initial release of Bitcoin and it seems the crypto space is going through those challenging teenage years, when authority is setting ground rules and curfews. But hold tight Bitcoin, we don’t want you to see you grounded!

The post U.K. authorities say crypto firms ‘fall short’ of AML rules appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto rules financing legally application withdrawing register

Источник: cryptoslate.com

crypto rules → Результатов: 126


Chilean Anti-Monopoly Court Grants Protection To Local Crypto Exchanges And Their Bank Accounts

Breaking: Chilean Anti-Monopoly Court Rules In Favor Of Local Crypto Exchanges In what can only be considered to be a landmark decision for the global crypto community as a whole, the Chilean anti-monopoly court has recently released an order that “grants protection” to local cryptocurrency exchanges by forcing banks to keep their accounts open— thus […]

2019-1-4 19:21


Use Of Bitcoin And Crypto Assets Gains Clarity In Bahrain After Central Bank Drafts New Regulations

Use Of Crypto Becomes Clearer In Bahrain After Central Bank Establishes Draft Regulations Countries around the world seem to be gravitating towards one of three different ways of handling cryptocurrency – banning it, establishing unclear rules that are constantly being reassessed, or clearly regulating it. In a new report from Reuters on December 13th, the […]

2018-12-15 23:27


SEC Chairman Affirms ICO Token Sales Are A Good Way To Raise Capital If Rules Are Properly Followed

SEC Chairman Affirms That ICOS Can Be A Good Way To Raise Capital If Rules Are Properly Followed Some people who follow the crypto market may find this strange, but the chairman of the U. S. Securities and Exchange Commission (SEC), has actually talked enthusiastically about Initial Coin Offerings (ICOs) recently. Despite the view of […]

2018-12-10 22:39


Фото:

Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

In a landmark judgment, the Supreme Court of Chile has ruled that state-owned Bancoestado was justified in closing the accounts of cryptocurrency exchange Orionx without explanation. The judges ruled that the bank acted in compliance with laws on money laundering and terrorist financing, a threat allegedly posed by censorship-resistant, decentralized cryptocurrencies.

2018-12-6 14:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitfinex analysts predict Bitcoin surge as Dollar Index dips

Bitfinex analysts anticipate a bullish second half for Bitcoin as the Dollar Index's decline signals potential growth for the cryptocurrency. The post Bitfinex analysts predict Bitcoin surge as Dollar Index dips appeared first on Crypto Briefing.

Animoca Brands “comes to Bitcoin” with OPAL Protocol

Animoca Brands says Bitcoin is ready for Web3. The blockchain gaming giant will collaborate with Darewise and OPAL Protocol to launch a new era for gaming, DeFi and Web3 on BTC. BLIF, a new token of the OPAL Protocol, will power the ecosystem.

WOO unveils innovation hub focused on Bitcoin’s ecosystem

WOO plans innovation hub expansion to bolster Bitcoin’s ecosystem The new initiative will focus on projects bringing Bitcoin Layer-2s, RWA, DeFi, AI and DePIN to the Bitcoin ecosystem. WOO has announced plans aimed at using its innovation hub and the WOO token to power the next growth chapter for the Bitcoin (BTC) ecosystem.