Mode Global Approved by UK Regulator for Crypto-Asset Registration

Mode now plans to decommission its "Bitcoin Jar" investment product to focus on building a payment system with a bitcoin cashback offering.

AccessTimeIconJun 24, 2021 at 12:33 p.m. UTC
Updated Sep 14, 2021 at 1:16 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Mode Global Holdings has won approval from the U.K.'s Financial Conduct Authority (FCA) to join the regulator's crypto-asset business register.

  • The financial-services regulator granted anti-money laundering approval to Mode's Fibermode subsidiary and awarded an electronic money license to its Greyfoxx unit, an announcement Thursday said.
  • With the registration, Mode plans to decommission its "Bitcoin Jar" investment product to focus on building a payment system with a bitcoin cashback offering.
  • Mode shares trade on the London Stock Exchange with a market capitalization of over £44 million ($61 million).
  • The FCA became the U.K.'s anti-money laundering and counter-terrorist financing supervisor of crypto asset firms in January, requiring businesses to register under its auspices to continue to operate.
  • Mode joins two Gemini entities, Archax, Ziglu and Digivault, the custody arm of Diginex, on the register.
  • The deadline for registration was recently extended from July 9 to March 31.
  • The regulator warned yesterday that there are 111 unregistered crypto-asset firms in the U.K., which poses a risk to the broader financial system.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.