ErisX, an FCA-regulated exchange-traded digital asset (ETD) platform, announced on Thursday that it has received approval from the UK’s Financial Conduct Authority (FCA) for a crypto exchange services licence. The firm’s licence will allow it to provide market access and settlement services for cryptocurrencies, as well as crypto derivatives where necessary. ErisX said that it has been working with the FCA to obtain the necessary approvals for its services. The exchange-traded digital asset (ETD) platform is currently in the process of listing the first of its initial coin offering (ICO) tokens on its platform, subject to obtaining the necessary approvals and confirming the listing.
London Stock Exchange-listed firm inks FCA’s approval for crypto services
A leading cryptocurrency exchange is set to launch a new service that will give European clients the ability to place cryptocurrency trades while using only a bank account. The Exchange is aiming to launch by the end of the year however this date has not yet been confirmed.. Read more about fca crypto ban and let us know what you think.
Mode Global Holdings, a fintech group listed on the London Stock Exchange, has received significant regulatory approvals for cryptocurrency and fintech companies in the UK.
On Thursday, the company announced that Mode had received its electronic money licence and AMLD5 registration from the UK Financial Services Authority.
AMLD5 registration has been granted to Mode’s crypto arm, Fibermode Limited, allowing it to become an official crypto asset company in the UK under the amended anti-money laundering, terrorist financing and money transfer rules.
AMLD5 registration is a mandatory requirement for cryptocurrency companies in the country that are subject to money laundering regulations. According to the announcement, Mode is the fifth company to receive such a registration so far since the FCA became the official anti-money laundering regulator for the UK cryptocurrency sector in January 2020.
In addition to AMLD5, Mode’s subsidiary, Greyfoxx Limited, has also acquired the EMI licence, which will enable Mode to offer a range of innovative financial services to businesses and consumers in the UK, the press release said.
After receiving new regulatory approvals, Mode plans to further expand its cryptocurrency services, including closing on an investment product known as Bitcoin Jar. The purpose of this product is to allow fashion customers to earn interest with bitcoin (BTC) instead of simply holding it in a wallet or on an exchange.
Ryan Moore, CEO of Mode, said the new regulatory changes are an important step in Mode’s mission to provide a trusted and regulated environment. This means that we now have the opportunity to expand our business and continue to offer our customers innovative payment products under our own EMI licence. The EMI license and AMLD5 registration ensure transparency in the business, strict oversight and give our customers confidence in our offerings, he said.
Related: UK regulator warns 111 unregistered crypto-currency companies and FOMO
The latest news comes shortly after a member of the UK Parliament pointed out serious problems with the registration of cryptocurrencies under the FCA’s anti-money laundering rules in late May. Trade Minister John Glen has made it clear that the FCA was unable to process and register all applications by the deadline because a significant number of firms had not introduced robust anti-money laundering controls and had not recruited appropriate staff.The UK’s Financial Conduct Authority (FCA) has recently approved an FCA-regulated firm to provide a range of crypto services, including digital asset custody, exchange platforms and crypto-focused investment advice.. Read more about cp19 22 and let us know what you think.
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