Bitstamp, a popular cryptocurrency exchange, has been registered as a cryptoasset business by the UK’s Financial Conduct Authority (FCA). This registration puts Bitstamp UK Limited on the FCA’s list of 42 other crypto firms that are compliant with Money Laundering, Terrorist Financing and Transfer of Regulations (MLRs).
According to the FCA list of registered firms, Bitstamp’s registration was effective on June 13, 2023, making it the only crypto exchange to be registered by the FCA so far this year. Bitstamp UK’s approval by the FCA signals its commitment to operating at the highest standard and provides secure and compliant access to cryptocurrencies in the UK.
Bitstamp’s registration with the FCA comes amidst the increasing crackdown on crypto exchanges in the US. Both Binance and Coinbase have been sued by the SEC, thus pushing Asia’s Hong Kong and UAE to take advantage of the not-so-friendly crypto regulation environment in the US in their quest to become crypto hubs.
Registration with the FCA is an essential step for crypto exchanges that want to operate legally in the UK. The FCA requires that all registered crypto firms comply with MLRs and implement appropriate procedures for preventing money laundering and terrorist financing. Firms that fail to comply will face regulatory action and possible prosecution.
Apart from Bitstamp, other registered firms on the FCA list include eToro, Revolut, and Moonpay. Bitstamp’s registration now puts the exchange’s approval across 52 jurisdictions globally. The exchange serves both institutional and retail customers, including providing crypto custody services, fiat-to-crypto purchases, and sales, and crypto-to-crypto trading.
In conclusion, Bitstamp’s registration with the FCA demonstrates its commitment to providing secure and compliant access to cryptocurrencies in the UK. With crypto regulations becoming increasingly strict globally, such registrations will become even more important for crypto firms seeking to operate legally.