Crypto Payments Firm Wirex Withdraws From FCA's Register as Deadline Looms
Wirex will now serve U.K-based customers from its overseas base in Croatia.
Mar 28, 2022 at 12:43 p.m. UTCUpdated May 11, 2023 at 4:07 p.m. UTC
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Cryptocurrency payments app Wirex has withdrawn from the U.K. Financial Conduct Authority's (FCA) temporary registration regime ahead of the March 31 deadline to obtain full registration.
- Firms yet to receive full approval by the U.K. financial watchdog were placed on its Temporary Registration Regime (TRR) allowing them to continue doing business until the end of March.
- With the deadline only days away, Wirex has taken the decision to withdraw from the TRR, the company said in a statement.
- Wirex will now serve U.K-based customers via its subsidiary Wirex Digital, which is licensed in Croatia by local regulator HANFA.
- The FCA became the U.K.'s authority for anti-money laundering and countering the financing of terrorism (AML/CFT) at the start of 2020, and since then over 100 firms have registered to be supervised by the regulator. To date, only 33 have been approved.
- Such well-known crypto firms as Blockchain.com, Copper and Revolut remain on the TRR with their fates post-March 31 yet to be determined.
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Jamie Crawley is a CoinDesk news reporter based in London.