• The UK Financial Conduct Authority clarifies that crypto platforms registration is mandatory.
• The cryptocurrency platform Coinpass aims to link banks with Bitcoin transactions.
Coinpass management group, a UK-registered cryptocurrency company, has always sought to follow the regulations imposed by the national authority. Transfers between the traditional bank and crypto on a single web platform are the company’s goal. Although the path to crypto trading approval has not been easy, the company has obtained the FCA support.
The CEO of the crypto management agency, Jeff Hancock, announces that his team is pleased to be one of the first crypto platforms in the UK with FCA approval. Hancock clarifies that the company will trade cryptocurrencies without problems with the Financing Conduct Authority registration.
Coinpass boosts cryptocurrency management after FCA registration
The Coinpass CEO understands each measure imposed by the Financial Authority and intends to comply with his work team. Hancock wants cryptocurrency trading to evolve as more users in the UK embrace crypto-assets. The FCA sets crypto regulations in Europe, which seek to create a favorable environment for investors.
Before FCA regulations, cryptocurrency investors in the country were exposed to money laundering scams and crimes. Several banks in the UK have refused to trade cryptocurrencies due to exposing themselves to legal charges with the Financial Authority. However, with the Coinpass registration, these views on crypto transactions at the bank level may change.
With the mandatory registration with the FCA, all cryptocurrency platforms such as Coinpass will be subject to the rules and policies and commit to guaranteeing users’ security. In this way, the crypto investment landscape in the country will be free from scams or illegal businesses.
Crypto regulations in the UK
The UK has a long history of regulations against cryptocurrencies since their adoption increased in 2020. Regulators have banned cryptocurrency trading from fueling digital crime and scams towards citizens. The FCA, which regulates cryptocurrencies, has fought against digital exchanges such as Binance for being involved in money laundering.
Since the beginning of the year, UK regulators have chosen FCA registration so platforms can freely trade cryptocurrencies. However, these rules have drawn negative comments from crypto enthusiasts and platforms.
But some cryptocurrency exchanges like Coinpass think that the FCA registration is fair. The cryptocurrency platform has been approved, and unlike the competition, it can promote its services in the country without breaking the law. Cryptocurrencies such as Bitcoin, Ether, Litecoin, and Bitcoin Cash can be bought, sold, and exchanged at Coinpass Limited within the UK.