London-based cryptocurrency and fintech agency Wirex has introduced that it'll not tackle new U.Okay.-based prospects following discussions with th
London-based cryptocurrency and fintech agency Wirex has introduced that it’ll not tackle new U.Okay.-based prospects following discussions with the jurisdictional regulator, the Monetary Conduct Authority.
The choice to briefly halt U.Okay. sign-ups was apparently voluntary, in keeping with a press launch posted by Wirex on March 24, nevertheless, it did observe sizzling on the heels of “constructive dialogue” with the FCA.
From March 25 onwards, U.Okay. residents will not be allowed to join Wirex’s companies. Transferring ahead, Wirex will dedicate consideration and sources to strengthening its 5AMLD (Fifth Anti-Cash Laundering Directive) compliance protocols in step with the most recent pointers laid down by the FCA, the agency introduced.
The FCA introduced its intention to ban all cryptocurrency derivatives buying and selling in October 2020. By January the ban had gone into impact, and its affect was quickly felt as cryptocurrency derivatices exchanges started to shut down companies for U.Okay. prospects.
Wirex co-founder and CEO Pavel Mateev mentioned the FCA had made options on how the agency might replace its operational procedures:
“The FCA have, in dialogue with us, made options on how we are able to implement modifications to our operational procedures, which we welcome and intend to observe […] We absolutely endorse the Khalifa Fintech Overview findings about rising the UK-based fintech ecosystem and see ourselves as an integral associate in reaching this.”
New U.Okay. residents who strive to enroll will likely be added to a ready checklist in the interim, the agency said. Wirex claims to have 3.5 million registered customers world wide, and provides entry to over 150 completely different currencies, each crypto and fiat, by way of its app and Mastercard-powered debit card.