EXCLUSIVE: Crypto firms begin shuttering UK operations ahead of formal FCA registration deadline by RyanJamesWeeks
Companies on the regulator’s temporary register are already winding up their UK crypto operations.
The finance watchdog has notified at least half a dozen crypto firms listed on a temporary version of its anti-money laundering register that they are likely to be rejected, according to people with knowledge of the situation.until the March 31 deadline for operators to win FCA approval, the regulator has given these companies a stark choice: either withdraw their applications and wind down any UK crypto operations or see the process through and risk outright rejection.
From March 21, all of the company’s spot trading activities will be handled by B2C2 USA, the group’s US arm. Its derivatives trading business won't be affected and will continue to be overseen by an FCA-authorised entity named B2C2 OTC Ltd. Sources suggest B2C2 is far from the only crypto firm packing up its UK business, but as yet The Block hasn't been able to confirm which other companies are following suit.
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