The UK's FCA extends a key deadline, set for Thursday, for approving crypto companies; the FCA has so far approved 33 companies
The U.K.'s financial regulator is extending a Thursday deadline for its approval of crypto operations, giving a dozen firms more time to get their applications or affairs in order.
firms like @Gemini and @zumopay, which already won approval, aren't happy about the divide that the UK's new rules are creating. @BSHalliday says firms stationed abroad might actually be better off than those who bothered to go through the process. https://www.bloomberg.com/...
meanwhile six firms dropped off the FCA's temporary register last week. one firm, @coinburp, is no longer servicing UK customers until it can figure out another solution. @CopperHQ and @RevolutApp are still waiting to find out their fate.
some of the UK's biggest crypto players are still left waiting to find out if they'll be approved before Thursday's deadline, while others have already made moves to destinations including Croatia and Switzerland. it's a loss of talent that Rishi Sunak won't take lightly.
new: crypto companies are heading abroad after failing to meet the UK's strict anti money-laundering rules, and those who already got approval think it's creating an unfair playing field https://www.bloomberg.com/...