Again, British FCA Extends Registration Deadline For Crypto Firms

The British financial crime watchdog has yet again extended the deadline for registering crypto exchanges across the country. In a statement issued on Thursday, the agency revealed that it had extended the deadline to March next year. 

It comes after last year when the FCA announced a short-term registration scheme as it struggled to cope with the increasing applications. Before the deadline was pushed to July 9, it was initially set for January 10 this year. 

Interestingly, it has allowed the already existing crypto trading platform to continue its operations. Meanwhile, the FCA said that it had to decide to extend deadlines twice, primarily because of an unprecedented number of applications were pending review.

It also added that many firms are now pulling out their requests as they fail to comply with the rules and regulations. John Glen, a top official from the UK’s treasury office, revealed that as many as 90 percent of total applications had been withdrawn so far.

He further added that many firms have also failed to hire professionals for implementing anti-money laundering laws. Last week, Glen said that more than 167 crypto firms are now awaiting a go-ahead.

Meanwhile, nearly 77 blockchain startups are also awaiting their assessment reviews. So far, a total of five trading platforms operating in the UK have been registered, including two of Gemini’s entities, Ziglue, Digivault, and Archax.

On the other hand, crypto experts blame the lack of manpower and expertise on the FCA’s power for the continued delay in the registration process. Besides that, amidst FCA’s growing involvement, a prominent lobby group known as CryptoUK had called the country’s finance minister for help.

Although the watchdog has given the go-ahead to those firms in registrations to continue their operations, it once again warned British investors that the crypto market is speculative and could lose all their money.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts