The Financial Conduct Authority (FCA), the United Kingdom’s financial watchdog has reminded all Bitcoin ( )-linked businesses to send in their applications for registration before June 30, 2020, or risk getting ousted from the region, according to a press release on June 22, 2020.
Crypto Firms Must Submit Application Before June 30 or Leave
As the global cryptocurrency industry continues to flourish, with more and more forward thinkers buying Bitcoin () in a bid to circumvent hyperinflation and the global financial crisis triggered by the COVID-19 pandemic, the Financial Conduct Authority (FCA) has once again put crypto market participants on the hot seat.
In the latest development, the FCA has reminded all cryptocurrency-related businesses that are yet to come under its purview that they have until July 30, 2020, to submit their applications or risk being barred from operating in the U.K.
Notably, on January 10, 2020, the FCA was given the authority to function as the anti-money laundering (AML) and counter-terrorist financing (CFT) supervisor of firms carrying out crypto-related activities in the United Kingdom.
Simplifying the Registration Process
Though the hard deadline date for already established crypto-linked businesses is still January 2021, the FCA has said categorically that the June 30 date will make its job easier.
The FCA said:
“The 30 June 2020 data allows the FCA to review submitted applications and raise any follow-up questions with firms, with enough time for that process to be completed before 10 January 2021.”
Against that backdrop, the agency has declared that bitcoin trading venues and related businesses that have been operating in the region before January 10, 2020, and fail to get fully registered by 10 January 2021, will be barred from doing business in the U.K.
However, new businesses that launched operations after January 10, 2020, must get greenlighted by the FCA before continuing operations.
In related news, earlier in March 2020, the FCA added BitMex and Bitcoin Evolution crypto exchanges to its list of non-compliant cryptoassets market operator list and warned residents against doing business with the firms.
More recently, on June 17, 2020, BTCManager informed that Binance, the world’s largest crypto exchange by trading volume is putting preparation in top gear to launch an FCA-regulated fiat-to-crypto exchange in the U.K., to cater to the growing needs of both retail and institutional investors.