The Financial Conduct Authority opened investigation into 300 digital asset firms and stopped 1 in 4 companies from joining the market as reports of scam and fraudulent activities rose in 2021.
Bitpanda claimed that it could now perform regulated custodian services in the U.K., but the FCA, which regulates Trustology, quickly put that notion to rest with an announcement of its own.
The move comes as the Financial Conduct Authority advised Bitstocks that their application for permanent FCA registration was likely to be rejected, promoting Bitstocks to withdraw their application.
Binance announced a partnership with Paysafe that once again gives it access to the U.K. payments network, having lost it after the Financial Conduct Authority booted the exchange out in June.
U.K. Chancellor Rishi Sunak noted that digital currency assets allow new ways to transact and invest, although he also emphasized the need to balance this innovation with investor protections.
2021 has been a troubled year for Binance: it was blocked by many major banks in the U.K., booted out of several countries, and accused of market manipulation and insider trading.
Months after the Financial Conduct Authority shut down BInance over its illegal operations in the U.K, CEO Changpeng Zhao says the company is now in advanced stages to obtain licensing in the country.
The Kleiman v Wright trial is now on its final stretch in Florida, and the fate of over $65 billion Satoshi Bitcoins lies with the jury who are set to reach their verdict on Monday.
The U.K. regulator has issued a tender offer for a firm that can provide “a platform that can support the robust and efficient analysis of cryptoasset blockchain data.”
The concerns were raised via a speech by chairman Charles Randell, who stated that FCA should be given more teeth to regulate on advertisements that had overstepped the mark.
The drastic move comes as a result of the U.K.’s financial regulator, the Financial Conduct Authority, issuing a notice that Binance is not permitted to operate in the country.
Digital currency businesses looking to operate in the United Kingdom are reportedly finding the licensing terms set out by the Financial Conduct Authority to be too challenging.
