UK Crypto Firms and Regulator Blame Each Other for Industry Exodus

📆 2/8/2023 12:00 PM
📰 CoinDesk

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IN DEPTH: Crypto firms that tried, and failed, to register with TheFCA cite delays and poor feedback. The regulator says it rejected applications that didn't meet requirements. Some of these firms now serve locals from abroad. camomileshumba reports

, said she had worked with several clients that had been scammed by at least five crypto companies that tried and failed to register with the FCA.

It could get worse for crypto firms because the government’s proposed rules – open to public comment till April – would make it mandatory for companies that successfully registered with the FCA toUK’s FCA Issues Advice for Crypto Firms After Only 41 of 300 Applicants Win Regulatory ApprovalFirms that now serve U.K. clients from elsewhere told CoinDesk the FCA may have been struggling with staffing issues that caused delays in the vetting process.

Representatives of two other crypto firms said they had multiple case officers from the FCA handling their registration, possibly due to staffing problems.

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