Express
FCA Notified More Than 100 Unregistered Applicants that It May not be Able to Complete the Assessment on Time
Summary: Today, the FCA backed down by emailing more than 100 unregistered applicants that it “may not be able to complete the assessment by 9 January.” Back in January 2020, the Financial Conduct Authority (FCA) announced that no firm would be allowed to engage in “crypto-asset activity” in the U.K. after Jan. 10, 2021, unless it was registered. But ...
Today, the FCA backed down by emailing more than 100 unregistered applicants that it “may not be able to complete the assessment by 9 January.” Back in January 2020, the Financial Conduct Authority (FCA) announced that no firm would be allowed to engage in “crypto-asset activity” in the U.K. after Jan. 10, 2021, unless it was registered. But with less than a month until that date, the FCA’s website only lists four registered firms, of which two are subsidiaries of Gemini. Zero new registrations have been processed in the last three months. By leaving it so late to back down, the FCA raised the fear that a large number of firms would have to stop trading temporarily in January. “We would lose all of our client base,” said the boss of an over-the-counter crypto trading desk based in Mayfair, London, who asked to remain anonymous, “something which we probably couldn’t recover from.”
By Amy Liu
Tags: Assessment,Crypto,FCA,registration
Link: FCA Notified More Than 100 Unregistered Applicants that It May not be Able to Complete the Assessment on Time [Copy]
