Crypterium, a self-described fintech startup that aims to “bridge the gap between the crypto and traditional economies,” has been registered with the Financial Conduct Authority (FCA).
“Becoming an FCA-registered firm is a fantastic opportunity. From now on, interested parties will view Crypterium in a new light, a company that puts user security and accessibility first,” said Crypterium CEO Steven Parker in a prepared statement.
“Not only do we provide an excellent set of services, but now we can show that these are done with full compliance of some of the toughest assessment criteria,” he added.
Crypterium’s wallet is available in 170 countries around the world, and the contactless Crypterium Card VISA gives users the ability to transact and withdraw funds in ATMs internationally.
FCA’s approach to crypto
From January 2020, any crypto business operating in the UK had to start complying with anti-money laundering legislation, supervised by the FCA.
In the UK, cryptocurrencies remain outside of the remit of investment regulations like the Financial Services and Markets Act. As such, the only remit the FCA has over these firms is under the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations (2017).
So far, a total of 15 firms have received authorization with the FCA, although the regulator has often struck a critical tone on the crypto industry in general.
In January of this year, the FCA published a consumer warning against the crypto industry, warning investors against price volatility, misleading marketing, crypto complexity, and other risks.
The regulator has also taken a firm stance against crypto exchange Binance, issuing a consumer warning against Binance Markets Limited—a UK-acquired Binance entity—earlier this year.
Since, the FCA has doubled down on Binance Markets Limited, claiming the firm is incapable of being regulated after it reportedly failed to provide basic information to the regulator.