Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto firms fall short on anti-money laundering rules, UK watchdog says

ForexJun 03, 2021 09:42
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin are seen in this illustration picture taken June 2, 2021. REUTERS/Florence Lo/Illustration

By Tom Wilson

LONDON (Reuters) - Many cryptocurrency firms are not meeting Britain's anti-money laundering and counter-terrorism financing rules, the country's financial watchdog said on Thursday, showing how some parts of the emerging sector are struggling to meet required standards.

The cryptocurrency world has been plagued through its 12-year life by lax standards on money laundering and other illicit activities.

While standards are widely seen to have improved, global regulators and policymakers have in recent months expressed concerns over the illicit use of crypto.

Since January, cryptocurrency-related firms have had to register with Britain's Financial Conduct Authority (FCA) - which oversees their compliance with UK laws designed to prevent money laundering and terrorist financing - before doing business.

"The FCA will only register firms where it is confident that processes are in place to identify and prevent this activity," it said.

Only five firms are registered with https://register.fca.org.uk/s/search?predefined=CA the FCA. As of May 12, another 90 https://register.fca.org.uk/servlet/servlet.FileDownload?file=0154G0000062BtF have temporary registration, allowing them to continue trading while their applications are assessed. The FCA says this status does not deem them "fit and proper".

The watchdog will extend the end date of its temporary registrations regime from July 9 to the end of March 2022, it said.

The FCA said 51 firms have withdrawn their applications for registration and can no longer trade. Firms that do not do so are subject to FCA enforcement, it added.

Crypto firms fall short on anti-money laundering rules, UK watchdog says
 

Related Articles

XRP Climbs 10.05% In Rally
XRP Climbs 10.05% In Rally By Investing.com - Jul 28, 2021

Investing.com - XRP was trading at $0.68693 by 08:32 (07:32 GMT) on the Investing.com Index on Wednesday, up 10.05% on the day. It was the largest one-day percentage gain since...

Bitcoin Climbs 10.24% In Bullish Trade
Bitcoin Climbs 10.24% In Bullish Trade By Investing.com - Jul 28, 2021

Investing.com - Bitcoin was trading at $40,295.4 by 04:33 (03:33 GMT) on the Investing.com Index on Wednesday, up 10.24% on the day. It was the largest one-day percentage gain...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
Money Maker
Money Maker Jun 03, 2021 16:30
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Uk bAnkers are wa nk ers!
Dean Redgate
Dean Redgate Jun 03, 2021 9:51
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yet UK banks are notorious for this exact same thing. Torys trying to protect their banking buddies.
Meng TR
Meng TR Jun 03, 2021 9:40
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1500$
Austin Longmoney
Austin Longmoney Jun 03, 2021 9:40
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hey
Andy Oconnell
Andy Oconnell Jun 03, 2021 8:56
Saved. See Saved Items.
This comment has already been saved in your Saved Items
UK will ban crypto
venkatesh thummuru
venkatesh thummuru Jun 03, 2021 8:56
Saved. See Saved Items.
This comment has already been saved in your Saved Items
no country will ban
Loh Hoo Chong
Loh Hoo Chong Jun 03, 2021 8:56
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Even in the Goverment of China been banned BITCOIN to trading in China main land, but even thought the BTC has fall down, but The condition much more comfort in Mongolia as biggest Mining place.The Goverment China will not able to terminated & banned forever in China. Since 2010 until now, still can't do so. What about now...?The result is, Impossible.
Suhel Taj
Suhel Taj Jun 03, 2021 8:19
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hi i am new here
Gio Moreno
Gio Moreno Jun 03, 2021 8:16
Saved. See Saved Items.
This comment has already been saved in your Saved Items
100% banks are so jealous with digital currency. Because banks will not getting any profit from their depositor anymore. And oh we shouldn’t be called depositor. We should be called investor! Banks really making money.
Sammie Austin
Sammie Austin Jun 03, 2021 8:16
Saved. See Saved Items.
This comment has already been saved in your Saved Items
ure right
Jerry Smith
Jerry Smith Jun 03, 2021 8:13
Saved. See Saved Items.
This comment has already been saved in your Saved Items
U have to be an donkey to buy crypto
Jay Mo
Jay Mo Jun 03, 2021 8:13
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why do you say so?
Phil Wyatt
Phil Wyatt Jun 03, 2021 8:13
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You have to be a caveman not to!
Alan Crosby Jnr
Alan Crosby Jnr Jun 03, 2021 8:13
Saved. See Saved Items.
This comment has already been saved in your Saved Items
or a sheep
Carla Parrish
Carla Parrish Jun 03, 2021 8:11
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The banks do not like crypto as it bleeds their funds so will try to get it banned altogether
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email