Bitstamp, Interactive Brokers Receive FCA Nod for UK Crypto Operations
The UK's Financial Conduct Authority (FCA) has approved Bitstamp and Interactive Brokers' application to join the financial regulator's registry of crypto asset service providers.
The two entities mark the first businesses added to the UK cryptocurrency register in six months.
With up to 42 recognized businesses registered to date, the FCA's registration requires crypto companies adhere to anti-money laundering (AML) and counter terrorist financing (CTF) legislation.
The initiative is part of an overall attempt by regulators to strengthen control and protect consumers in the cryptocurrency market.
Since it started accepting applications firms on January 10, 2020, the FCA has received more than 300 applications from cryptocurrency companies for registration.
Bitstamp UK Limited revealed the registration news to its 500K+ followers in a Twitter post linking to a blog thanking its customers for their continued support. Bitstamp is one of the oldest exchanges in the crypto sector.
Interactive Brokers (UK), a leading US brokerage, received approval a day before Bitstamp.
Registration with the FCA means users of the two firms' services can be more confident that that might otherwise have been that the forms are complying with all necessary AML and CTL legislation.
The FCA registry is another milestone on the road to protecting UK crypto traders from illegal activities and safeguarding their funds from criminals.
Commenting on the news, Bitstamp CEO Jean-Baptiste Graftieaux said:
With mainstream adoption continuing to be our goal, Bitstamp is establishing itself as a driving force in advocating that increased regulation is key to this journey.
While the FCA's present responsibilities center on ensuring crypto companies adhere to
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