- Bitstamp is currently among 42 companies listed as registered cryptocurrency businesses by the Financial Conduct Authority (FCA).
- The UK division of the exchange was added to the list on June 13, 2023.
- The company, along with other platforms such as eToro, Revolut and Moonpay, has joined the FCA list of companies complying with money laundering, terrorist financing and regulatory transfer (MLR).
cryptocurrency exchange bit stamp has been registered as a cryptocurrency business by the UK’s Financial Conduct Authority (FCA), joining the small list of officially registered cryptocurrency companies in the UK.
Bitstamp UK Limited is FCA’s sole cryptocurrency exchange register So far, it is expected to start operations by 2023, and its license has been approved as compliant with the Money Laundering, Terrorist Financing and Transfers Regulations (MLR) 2017, effective June 13.
“This achievement is a recognition of Bitstamp’s continued and unwavering commitment to operating at the highest standards. Additionally, we follow strict requirements set by the FCA to ensure that our platform provides compliant and secure access to cryptocurrencies in the UK.‘” Bitstamp wrote. blog announcement on tuesday.
Another platform with FCA’s consent was online trading platform Interactive Brokers Limited.
Bitstamp Adds eToro and Revolut to FCA List
The FCA currently lists 42 cryptocurrency and cryptocurrency-related companies registered under the MLR. This includes Ziglu Limited, Gemini Payments UK LTD, Zumo Financial Services Limited, Coinpass Limited, Baanx.com Ltd, ICONOMI LTD, Fidelity Digital Assets, Bitpanda Custody Ltd, Wintermute Trading LTD, Galaxy Digital UK Limited, MoonPay (UK) Limited , eToro (UK) Ltd, Revolut.
In the case of Bitstamp, a move by UK regulators has resulted in the exchange gaining approval across 52 jurisdictions around the world. The exchange serves both institutional and individual customers, offering cryptocurrency custody services, fiat-to-cryptocurrency buying and selling, and crypto-to-crypto trading.
The registration comes amid a crackdown on US crypto exchanges in which both Binance and Coinbase have been sued by the US Securities and Exchange Commission (SEC). The U.S. crypto regulatory environment is less favorable, which is why Asia, especially Hong Kong and the UAE, are looking to capitalize on it in their quest to become cryptocurrency hubs.