51 crypto firms withdraw licensing applications in the UK

51 crypto firms withdraw licensing applications in the UK

“The inability to satisfy Anti-Money Laundering standards set by regulators in the United Kingdom is reportedly forcing many crypto companies out of business.
Strict Anti-Money Laundering laws in the United Kingdom appear to be constituting a major operational hurdle for crypto firms in the country.According to the U.K. Financial Conduct Authority (FCA), several crypto businesses in the country might be preparing for an exit.In a release issued on Thursday, the regulatory agency revealed:“A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations. This has resulted in an unprecedented number of businesses withdrawing their applications.”According to a report by The Guardian, 51 companies have so far failed to meet the FCA’s AML standards and may be forced to cease operations in the country. By withdrawing their license applications, these crypto firms must stop all crypto-related services or risk fines and legal action by the FCA. Such businesses can only resume operations after having satisfied the FCA’s AML protocols following which they will be entered into the watchdog’s list of registered cryptocurrency firms.As previously reported by Cointelegraph, the FCA extended its temporary registration regime for crypto businesses from July 2021 to March 2022. This nine-month extension is reportedly to give the FCA ample time to clear the backlog of pending licensing applications.The FCA reportedly has 90 pending registration requests with only five duly registered crypto businesses in the U.K. Meanwhile, some of the 51 companies that have withdrawn their licensing applications may not be covered by the FCA’s AML rules meaning their actions might not result in a compulsory shutdown.Companies that fail to meet the FCA’s AML requirements by the end of the registration window will also be forced to refund all customer deposits.Back in January 2020, the FCA became the AML police for the U.K.’s crypto market marking the start of compulsory business registration for cryptocurrency firms in the country.”

Source: Cointelegraph.com News

The ‘magical’ Strike API integration could mean this for Twitter

“On Twitter, more than 66,000 people have viewed a video of a man sending $10 to his friend in El Salvador, to buy a cup of coffee. What made this transfer different? It was done by Strike CEO Jack Mallers using Twitter after the social media platform’s integration with the

This can pave way for XRP’s comeback above $1, perhaps to $1.29

“September has not been kind to XRP. Pressurized by multiple mini-crashes during the month, XRP’s 30-day ROI slipped to over 12%. With little interest from retail traders, XRP was unable to keep up pace with some of its other counterparts. However, a falling wedge pattern hoped to inject some signs