UK Regulators Concerned About Crypto Firms Firm's Anti-Money Laundering Rules

The UK's Financial Conduct Authority (FCA) said a "significant number" of crypto-related companies are not complying with the country's anti-money laundering requirements, CNBC reported today. The regulator added that non-compliance with its standards has resulted in "an unprecedented number of companies withdrawing their applications." British cryptocurrency companies must register with the FCA in order to operate. At the same time, the regulator introduced a temporary permit system for companies that are not yet officially recognized, allowing them to continue their business. UK Bank Starling has banned depositing on crypto exchange due to 'suspicious financial crime'. But the regulator stressed that this status does not make them "appropriate and appropriate." At the same time, 51 companies had to completely withdraw their applications and cease their operations altogether. To accommodate the remaining applications, the FCA has extended the so-called provisional registration regime from July 9 this year to March 31, 2022. out,” the bishop explains. FCA pegged on crypto In January, the FCA issued a consumer alert highlighting five – possibly reasonable – concerns regarding crypto investment risks. “Investing in crypto assets or related investments and loans often involves very high risks with investors' money,” the regulator said at the time. The regulator also voiced concerns in today's announcement, stating that digital assets are "highly speculative and can therefore rapidly lose value." Notably, this comes amid long-standing skepticism towards digital assets regularly expressed by Bank of England Governor Andrew Bailey. He cried recently

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