Bitstamp is now registered as a cryptoasset business by the UK’s FCA.
- Bitstamp has been added to the list of registered cryptoasset businesses by the Financial Conduct Authority (FCA), bringing the number of firms on the list to 42.
- The UK arm of the exchange was added to the list on June 13, 2023.
- Other platforms on the FCA list include eToro, Revolut and Moonpay, all of which comply with the Money Laundering, Terrorist Financing and Transfer of Regulations (MLRs).
The UK’s Financial Conduct Authority (FCA) has registered Bitstamp as a cryptoasset business, making it one of the few crypto firms to be officially registered in the United Kingdom.
Bitstamp UK Limited is the FCA’s only registered crypto exchange for 2023 so far, with its compliance with the Money Laundering, Terrorist Financing and Transfer of Regulations 2017 (MLRs) becoming effective on June 13.
Bitstamp stated in a blog announcement on Tuesday that “the achievement acknowledges Bitstamp for our constant and unwavering commitment to operating at the highest standard. It additionally confirms that our platform offers compliant and secure access to cryptocurrencies in the UK, in accordance with the strict requirements set forth by the FCA.”
The other platform to receive approval from the FCA was online trading platform Interactive Brokers Limited.
- US Treasury exploring private use of digital dollars.
- Bitstamp and Interactive Brokers added to UK Crypto Register after 6 months.
- SEC officials gave input on a 2018 speech on Ether revealed in Hinman emails.
Bitstamp joins eToro and Revolut on FCA list
There are now 42 crypto and crypto-related firms on the FCA list of those complying with the MLRs, including Ziglu Limited, Gemini Payments UK LTD, Zumo Financial Services Limited, Coinpass Limited, Baanx.com Ltd, ICONOMI LTD, Fidelity Digital Assets, Bitpanda Custody Ltd, Wintermute Trading LTD, Galaxy Digital UK Limited, MoonPay (UK) Limited, eToro (UK) Ltd and Revolut.
With the UK regulator’s approval, Bitstamp is now approved in 52 jurisdictions globally. The exchange serves both institutional and retail customers, including providing crypto custody services, fiat-to-crypto purchases and sales, and crypto-to-crypto trading.
The registration comes in the midst of a crackdown on crypto exchanges in the US, with both Binance and Coinbase being sued by the SEC. The US’s not-so-friendly crypto regulation environment has seen Asia, particularly Hong Kong and the UAE, looking to take advantage in a quest to become crypto hubs.