bitcoin regulationCointelegraph.comCryptocurrenciesCryptocurrency ExchangemastercardUK GovernmentWireX

Wirex halts UK signups after consultation with financial regulator

Wirex has temporarily halted signing up new U.K. customers following what it called “constructive dialogue” with the Financial Conduct Authority.
London-based cryptocurrency and fintech firm Wirex has announced that it will no longer take on new U.K.-based customers following discussions with the jurisdictional regulator, the Financial Conduct Authority.The decision to temporarily halt U.K. sign-ups was apparently voluntary, according to a press release posted by Wirex on March 24, however, it did follow hot on the heels of “constructive dialogue” with the FCA. From March 25 onwards, U.K. residents will no longer be allowed to sign up for Wirex’s services. Moving forward, Wirex will dedicate attention and resources to strengthening its 5AMLD (Fifth Anti-Money Laundering Directive) compliance protocols in line with the latest guidelines laid down by the FCA, the firm announced.The FCA announced its intention to ban all cryptocurrency derivatives trading in October 2020. By January the ban had gone into effect, and its impact was soon felt as cryptocurrency derivatices exchanges began to close down services for U.K. customers.Wirex co-founder and CEO Pavel Mateev said the FCA had made suggestions on how the firm could update its operational procedures:“The FCA have, in dialogue with us, made suggestions on how we can implement changes to our operational procedures, which we welcome and intend to follow […] We fully endorse the Khalifa Fintech Review findings about growing the UK-based fintech ecosystem and see ourselves as an integral partner in achieving this.”New U.K. …
Story continues on Cointelegraph

Related posts
anti-money launderingCointelegraph.comCryptoRussia

Russia's money laundering watchdog monitoring crypto to ruble transactions

Rosfinmonitoring has informed the Russian parliament that it is paying close attention to transactions involving the conversion of crypto to rubles. Russia’s Federal Financial Monitoring Service, or Rosfinmonitoring — the country’s Anti-Money Laundering body — is policing crypto to fiat…
Blockchain.comCointelegraph.comCryptocurrenciesInvestments

Blockchain.com raises $300M in crypto industry's third-largest capital raise

The investment round was led by DST Global, Lightspeed Venture Partners and VY Capital and gave Blockchain.com a $5.2 billion valuation. London-based cryptocurrency services provider Blockchain.com has raised $300 million in a new investment round that valued the firm at…
AdoptionBitcoin PriceCointelegraph.comCryptocurrenciesInvestments

Most asset managers still in ‘education mode’ on crypto, says Fidelity

Michael Derbin, head of Fidelity Institutional, says that while some wealth managers are by now “sophisticated” and “comfortable” with crypto, many others are still playing catch up. Michael Derbin, head of Fidelity Institutional, thinks that many wealth managers and financial…