Crypto Exchange CEX.IO Receives Temporary Registration Status with UK FCA

The UK Financial Conduct Authority (FCA) has granted crypto exchange CEX.IO a temporary registration status to operate until July 9, 2021.

Cryptocurrency exchange CEX.IO has been temporarily registered under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 as a cryptoasset business until July 9, 2021, pending the determination of its application by the FCA.

On December 16, 2020, the FCA announced that it has introduced a temporary registration regime for existing cryptoasset companies that applied for registration before December 16, 2020 and whose applications are still pending.

The regime was set up to ensure that existing businesses can continue to trade after January 2021 and until July 9. 2021, while the FCA reaches a decision regarding their applications.

Konstantin Anissimov, the Executive Director of CEX.IO, stated:

“As CEX.IO is among the companies that submitted their application for registration on time – until December 16, 2020 – we are obliged and expected to notify our clients and partners about our current temporary registration status by January 10, 2021. We are working very hard to achieve a full registration status with the FCA well ahead of the deadline of July 9. We will keep our users updated on any further developments in this field."

While awaiting the finalization of its application with the FCA, CEX.IO will able to continue to provide cryptoasset-related services to its clients.

Crypto Firms Waiting

The FCA officially became the anti-money-laundering (AML) and counter-terrorist financing (CFT) watchdog for crypto companies in January 2020. The watchdog has now mandated that all new and existing crypto firms operating in the UK to register.

Under the FCA’s “temporary registration regime” more than 90 other applications still await approval to operate beyond July 9, 2021. CEX.IO will join Fidelity Digital Assets, B2C2, Bitstamp, Kraken-owned Crypto Facilities, and Galaxy Digital among others.

Three companies that have already made it to the FCA's register are crypto payments app Ziglu and exchange operators Gemini and Archax.

Image source: Shutterstock