Hours ago, reports noted that the Financial Conduct Authority (FCA) listed its first UK registered exchange, Archax. A glance at FCA’s ‘Registered Cryptoassets Firms’ today shows that Gemini, the United States cryptocurrency exchange is now the second exchange to have registered in the country. The companies’ registration is aimed at ensuring compliance with the UK’s new mandate.
Gemini becomes the second UK registered exchange
Following the FCA’s website, two Gemini UK branches were listed as registered companies under the regulator. The companies are namely Gemini Europe Services, Ltd; and Gemini Europe Limited. Meanwhile, the MLRs effective status date for the first Gemini branch commenced on August 19. However, the effective date for the other branch is yet to be disclosed.
Becoming a UK registered exchange is quite paramount for the companies to comply with the country’s new mandate adopted to curb money laundering acts. Earlier this year, the country updated its Anti-money laundering directive to the AMLD5 or the European Union’s fifth AML Directive. In this course, all the companies dealing with crypto in the UK were asked to register with the regulator.
These companies are expected to register with FCA before January 10, next year.
Archax, the first UK registered exchange
At the moment, Gemini and Archax are the only cryptocurrency entities to have registered with the FCA, with Archax being the first to do so. On Wednesday, London-based announced that it had been approved by the regulator as a multilateral trading facility exchange. With FCA’s greenlight, the institution-focused exchange can now act as a trading center, host offerings, and also custody digital securities.
Hence, institutions can trade digital currencies in the UK via an FCA-authorized venue for the first time.