The UK’s chief financial regulator said accounting could not operate in the UK. In a statement on Saturday, the Financial Conduct Commission (FCA) said the cryptocurrency exchange was “not allowed to perform any regulated activity in the UK”.
A Regulated function It probably refers to margin trading and derivatives – providing accounting to UK customers despite the FCA ban in January.
In a warning on Friday, the Financial Conduct Commission should also stop advertising for UK customers and collect data on its UK customers.
By Wednesday, Finance should post the following on its website and on social media channels: “Finance Markets Ltd is not allowed to engage in any organized activities in the UK.”
Accounting does not have a global headquarters. It was incorporated in the UK as Finance Markets Limited, but was not registered with the FCA, although it planned to do so.
Although cryptocurrency companies that are not registered with the FCA can still serve UK customers, they had to apply for registration from January last year and complete it by March next year.
More than 90% of cryptocurrency companies have withdrawn their applications because they did not meet the FCA’s anti-fraud requirements, including Finance Markets Limited, which withdrew its application on May 17 “after serious FCA engagement”.
Accounting Jersey, registered on the British (not UK) island of Jersey, accepts sterling deposits via UK credit cards and its Fiat-to-crypto platform until it closes on December 30.
Two days ago, the Japanese financial services company advised finance customers not to register for the transaction. Last summer, the Malaysian Securities and Exchange Commission declared finance illegal, but the company continued to operate there.
An accounting spokesman did not respond to a request for comment. A customer support officer said: “We cannot provide additional information. Stay tuned for new ads. ”
* Translated and edited with permission Decrypt.co
