London-based cryptocurrency and fintech agency Wirex has introduced that it’ll now not tackle new U.Ok.-based prospects following discussions with the jurisdictional regulator, the Monetary Conduct Authority.
The choice to quickly halt U.Ok. sign-ups was apparently voluntary, in keeping with a press release posted by Wirex on March 24, nevertheless, it did observe scorching on the heels of “constructive dialogue” with the FCA.
From March 25 onwards, U.Ok. residents will now not be allowed to join Wirex’s companies. Shifting ahead, Wirex will dedicate consideration and sources to strengthening its 5AMLD (Fifth Anti-Cash Laundering Directive) compliance protocols in step with the newest pointers laid down by the FCA, the agency introduced.
The FCA announced its intention to ban all cryptocurrency derivatives buying and selling in October 2020. By January the ban had gone into effect, and its impression was quickly felt as cryptocurrency derivatices exchanges started to close down companies for U.Ok. prospects.
Wirex co-founder and CEO Pavel Mateev mentioned the FCA had made recommendations on how the agency may replace its operational procedures:
“The FCA have, in dialogue with us, made recommendations on how we will implement modifications to our operational procedures, which we welcome and intend to observe […] We absolutely endorse the Khalifa Fintech Assessment findings about rising the UK-based fintech ecosystem and see ourselves as an integral accomplice in attaining this.”
New U.Ok. residents who attempt to enroll can be added to a ready record in the meanwhile, the agency said. Wirex claims to have 3.5 million registered customers world wide, and provides entry to over 150 completely different currencies, each crypto and fiat, by means of its app and Mastercard-powered debit card.