Just seven businesses have gone through the registration process in 2022 to achieve Money Laundering Regulations approval, which includes eToro UK, DRW Global Markets LTD, Zodia Markets Limited, Uphold Europe Limited, Rubicon Digital UK Limited and Wintermute Trading LTD. Crypto.com is the seventh, registered under FORIS DAX UK Limited.
The FCA has also compiled a list of U.K.-based businesses that continue to carry out ‘crypto asset activity’ without being registered with the FCA for anti-money laundering purposes. The list is extensive, mainly featuring firms offering a variety of cryptocurrency trading and foreign exchange services.
New cryptocurrency-focused regulations were instituted in January 2020 to allow the FCA to supervise businesses operating in the space and enforce AML and counter-terrorism financing regulations . Companies were given just over a year to submit applications to be eligible for a temporary registration regime , while failure to do so and continue operating could be deemed a criminal offense.