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Blockchain.com secures UK registration almost four years after halting FCA application process.
The London-based firm chose to retract its application for FCA licensing in March 2022 after failing to receive approval before an approaching deadline.
Blockchain.com founder and CEO Peter Smith (Blockchain.com, modified by CoinDesk)
What to know:
- Blockchain.com has secured regulatory approval in the U.K. nearly four years after appearing to concede.
- Blockchain.com was included in the Financial Conduct Authority’s (FCA) registry of licensed cryptocurrency firms on Tuesday using its trading name “BC Operations.”
- The London-based firm chose to retract its application for FCA licensing in March 2022 after failing to receive approval before an approaching deadline.
Cryptocurrency exchange and wallet provider Blockchain.com has secured regulatory approval in the U.K. nearly four years after appearing to concede.
Blockchain.com was included in the Financial Conduct Authority’s (FCA) registry of licensed cryptocurrency firms on Tuesday using its trading name “BC Operations.”
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The London-based firm chose to retract its application for FCA licensing in March 2022 after failing to receive approval before an approaching deadline. Blockchain.com shifted to its registered business in Lithuania.
Registration in the U.K. permits Blockchain.com to perform specific cryptocurrency-related operations in the U.K. on the condition that it adheres to money laundering and counter-terrorist financing regulations.
“Blockchain.com is now functioning under the same stringent standards as traditional finance and banks in the U.K.,” the company stated in a post on X on Tuesday.
The FCA’s cryptocurrency company licensing framework, however, does not equate to full financial services authorization — this is expected to be launched under a new licensing regime that will come into effect in October of the following year.
Read More: Ripple wins UK regulatory approval from Financial Conduct Authority
