A European affiliate of cryptocurrency trading platform Upholdbased in the United States, has received approval from the UK Financial Conduct Authority (FCA).
According to the FCA website, Uphold’s UK subsidiary, Uphold Europe Limited, secured regulatory approval on Thursday, joining the select list of 32 companies that have received FCA approval as crypto asset service providers. registered of the 200 who requested it. Approval means the company is compliant with UK anti-money laundering and anti-terrorist financing regulations.
In order for crypto exchanges and service providers to offer their services to UK-based clients, they must register with the FCA and comply with current anti-money laundering regulations.. The FCA has granted three crypto licenses – to eToro, Uphold and Light Technology – in 2022.
The UK crypto asset company registry is considered one of the strictestas some of the world’s leading crypto asset exchanges, such as Binance, they have not got the license. Among the 32 approved are big names like Gemini, Genesis, Coinjar, and Robinhood.
With approval, Uphold intends to expand its range of services to UK customers. The CEO of the firm believes that the approval of the FCA shows his commitment to compliance with the regulations. Uphold did not immediately respond to a request for comments Cointelegraph.
The UK has emerged as one of the leading nations in terms of strict compliance requirements in the cryptocurrency sector. Although the cryptocurrency market is not formally regulated there, AML compliance and registration have made it one of the most difficult regulatory markets for crypto businesses to break.
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