With less than three days for FCA’s regulatory approval, UK crypto companies are looking to move operations elsewhere as they face risks of outright rejection.
If cryptocurrency-based firms wind down their operations, the UK might face a mass exodus as the FCA deadline for receiving approval nears.The cryptocurrency market is largely unregulated in the UK. However, companies associated with the industry are required to register with the Financial Conduct Authority under the Temporary Registrations Regime , heed to Money Laundering Regulations.
Meanwhile, London-based crypto market maker B2C2 Ltd. and crypto digital banking apps Wirex Ltd. and Trastra Ltd. withdrew from the temporary register last week. This comes after the FCA warned the companies operating on temporary authorization to either withdraw applications and shut down any UK digital asset operations or go through the process and face a risk of rejection.Wirex confirmed that the withdrawal would not impact the customers.