UK FCA grants registration to crypto startup Crypterium
A new player has entered the cryptocurrency market and it’s a UK-based company called Crypterium. The FCA grants them registration as they launch their beta product.
The “crypto.com coin news” is a company that has been granted registration from the UK Financial Conduct Authority. The FCA is a regulatory body for financial services in the United Kingdom.
Crypterium, a British cryptocurrency services provider, is the latest crypto company to get registration with the Financial Conduct Authority of the United Kingdom (FCA).
Crypterium stated on Oct. 25 that it has been approved by the FCA to offer cryptocurrency services to local residents and businesses, making it one of the few organizations to pass the registration procedure.
Crypterium has been registered to perform “some crypto asset operations” in accordance with the country’s Anti-Money Laundering (AML) legislation since Oct. 11, according to data on the FCA’s official website.
According to the release, the registration allows Crypterium to continue delivering its crypto wallet services, including crypto trading and payment services, to “practically everyone” in the United Kingdom. The registration is especially significant in light of the impending Brexit measures, as it allows Crypterium to offer the same degree of functionality to UK firms as it does to enterprises in other supported nations.
Crypterium’s crypto wallet application, according to the statement, is accessible in over 170 countries and has over 400,000 users since its introduction.
“Becoming a registered business with the Financial Conduct Authority is a tremendous opportunity. Crypterium will be seen in a different way from now on, as a corporation that prioritizes user security and accessibility. Crypterium CEO Steven Parker commented, “Not only do we offer an exceptional set of services, but now we can verify that they are delivered in complete conformity with some of the most stringent evaluation standards.”
The FCA registration is lengthy, needing “18 months of policies and procedures examination before approval is given,” according to the business. The company did not immediately react to a request for comment from Cointelegraph.
Competition motivates young traders to engage in cryptocurrency, according to a UK watchdog.
Crypterium joins a select group of businesses that have been registered by the FCA, including two enterprises linked with the Winklevoss twins’ cryptocurrency exchange Gemini, Australian exchange CoinJar, crypto-friendly bank Ziglu, Archax, Diginex’s Digivault, and others. The FCA issued a warning against 111 unregistered crypto firms earlier this year. In the past, 51 firms are said to have withdrawn their license applications with the FCA due to tight local anti-money laundering requirements.