UK regulator says cryptoasset firms not meeting anti-money laundering rules

© 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

LONDON (Reuters) – A significantly high number of cryptocurrency-related firms are not meeting required standards under anti-money laundering rules, Britain’s financial watchdog said on Thursday, causing a glut of withdrawals for applications to register with it.

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

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