UK crypto wallet app Crypterium receives FCA registration
Only a small number of firms out of the 200 that applied have received FCA registration
Crypterium, the British cryptocurrency wallet app, with over 400,000 clients in over 170 countries has secured registration from the UK’s Financial Conduct Authority (FCA).
The crypto wallet company can now provide crypto services to UK citizens and companies. Crypterium joins only a small number of companies to have passed the registration process out of the almost 200 that have applied.
The FCA registration ensures that “as Brexit measures kick in, Crypterium can continue to provide its crypto wallet services, including its crypto Visa cards and exchange functions, to practically everybody in the UK”.
The FCA registration process
The FCA registration process is an “extensive” and “detailed” one, which takes almost 18 months of policies and assessments before approval is granted.
Companies who are able to pass the UK’s approach to crypto regulation are seen as more likely to be on “the right regulatory path in other markets”. The registration also reassures customers that the crypto app follows compliance requirements.
Steven Parker, CEO of Crypterium said: “Becoming an FCA-registered firm is a fantastic opportunity. From now on, interested parties will view Crypterium in a new light, a company that puts user security and accessibility first. Not only do we provide an excellent set of services, but now we can show that these are done with full compliance of some of the toughest assessment criteria.”
FCA has issued warning and bans on Binance
On the flip side of the coin, the world’s largest cryptocurrency exchange by trading volume, Binance has received warnings and bans from the FCA.
In July, Binance updated its website and app with a notice about Binance Markets (BML) as requested by the FCA. BML was told by the FCA that it must cease all regulated activities with immediate effect. The financial watchdog pointed out that while it did not regulate cryptoassets, such as bitcoin or ether, it did regulate certain cryptoasset derivatives, such as futures contracts, contracts for difference and options, as well as those cryptoassets it considered to be securities.
Due to this, Binance CEO Changpeng Zhao stated in the same month that he wishes to improve relations with regulators, to break from its “decentralised” structure and establish regional headquarters.