Bitstamp Becomes Authorized Cryptocurrency Exchange in the UK

• The Financial Conduct Authority (FCA) published a list of 42 crypto businesses.
• The UK government is still compiling feedback on the framework consultation.

Bitstamp, a cryptocurrency exchange with a presence in the United Kingdom, is now one of the businesses authorized by the Financial Conduct Authority there.

Approximately six months after the FCA added Hidden Road Partners and MoonPay in December 2022, on June 13, Bitstamp U.K. Limited and Interactive Brokers Limited is the first corporation to join other registered organizations in the U.K.

UK Welcomes Crypto Firms

The Financial Conduct Authority (FCA) published a list of 42 cryptocurrency businesses that are AML/CFT compliant. The Bitstamp organization now has 52 worldwide registrations and licenses. This designation shows that Bitstamp is subject to the same anti-money laundering (AML) and counter-terrorist financing (CTF) regulations as conventional financial institutions.

Moreover, Bitstamp has been approved by the Financial Conduct Authority (FCA) as meeting the stringent standards for operating in the UK. This means that customers in the UK will have access to their cryptocurrency in a safe and legal manner.

To “carry out crypto asset activities” in the United Kingdom, businesses need to be either registered with the Financial Conduct Authority (FCA) or have provisional status granted by the FCA. The banking regulator has already issued “shut down or face further action” orders to local crypto ATM providers. And earlier ordered Binance Markets Limited to suspend its U.K. activities.

In a May shareholder conference call, blockchain payments company Ripple said that it has acquired a minority position in Bitstamp during the first quarter of 2023.

To elevate crypto’s standing in the United Kingdom’s financial services industry. And promote a strategy to spur innovation in the field, lawmakers there have proposed a complete crypto-asset regulatory framework.

Moreover, it seemed that the government is still compiling feedback on the framework consultation document and debating future measures.

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