April 19, 2024
Latest Cryptocurrency News

Bitstamp UK Joins FCA’s List of Registered Crypto Firms

Bitstamp UK Limited, the British division of cryptocurrency exchange Bitstamp, has successfully registered with the Financial Conduct Authority (FCA), joining a list of registered crypto firms in the country. The FCA’s list, updated on June 13, included Bitstamp UK Limited and Interactive Brokers Limited as the latest additions. Prior to these, Hidden Road Partners and MoonPay were registered in December 2022. The FCA has a total of 42 registered crypto firms that comply with regulatory requirements such as Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).

Bitstamp expressed pride in being recognized by the FCA for providing top-tier crypto compliance to its customers in the UK. As a result, Bitstamp is now officially registered as a cryptoasset business with the FCA. The company expressed gratitude for the ongoing support it has received.

In the UK, firms engaging in “crypto asset activities” must either register with the FCA or obtain temporary status to operate legally. The FCA has previously taken action against Binance Markets Limited, ordering the cessation of its operations in the UK and issuing similar directives to local crypto ATM operators, threatening further measures if compliance is not met.

In May, Ripple, a blockchain-based payment platform, announced in a shareholder conference call that it had acquired a minority stake in Bitstamp during the first quarter of 2023.

In the UK, lawmakers have been proposing a comprehensive regulatory framework for crypto assets, aiming to enhance the role of cryptocurrencies in the nation’s financial services sector and foster innovation in the field. The government is currently seeking feedback on a consultation paper regarding this framework and evaluating the next steps to be taken.

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