Cryptocurrency firms not meeting anti-money laundering rules, UK regulator says



© 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not meeting Britain’s anti-money laundering and financing rules and, as a result, unprecedented numbers of them have withdrawn applications to register with the country’s financial watchdog, it said on Thursday.

The Financial Conduct Authority (FCA) said it would extend the date of its temporary registrations regime from July 9 to the end of March 2022. The extension will allow crypto firms to carry on their business while the regulator conducts further checks, it said in a statement.

The cryptocurrency sector 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 voiced concerns over the illicit use of crypto.

Since January, cryptocurrency-related firms have had to comply with UK laws on anti-money laundering and counter-terrorist financing.

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

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.

READ  Tencent Creating Team to Penetrate Cryptocurrency Market - Zacks.com

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.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here