Share this article
UK’s AML Rules Could Force Up to 50 Crypto Firms to Cease Trading: Report
The FCA has expressed concern that a "significantly high number" of crypto-asset businesses are not meeting its standards on AML.
Updated Sep 14, 2021, 1:06 p.m. Published Jun 4, 2021, 11:48 a.m.
As many as 50 firms in the U.K. dealing with cryptocurrencies could be forced to close down after failing to meet the Financial Conduct Authority’s (FCA’s) anti-money laundering (AML) rules, according to a Guardian report.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- On Thursday, the U.K. financial watchdog said it is concerned that a "significantly high number" of crypto-asset businesses are not meeting its standards on AML, which in turn has seen an “unprecedented number of businesses withdrawing their applications."
- The FCA has extended the deadline for crypto businesses to register under its Temporary Registrations Regime (TRR) from July 9 to March 31 of next year.
- The TRR was established in December 2020 to allow businesses that had registered to continue trading after the regulator became the AML and counter-terrorist financing supervisor for crypto firms.
- It is estimated only five crypto-asset firms have been admitted to the FCA’s formal register and 90 firms are currently being assessed through the regulator's TRR scheme, reports the Guardian.
- While 51 crypto asset firms so far have withdrawn their applications, not all may be covered by FCA requirements, meaning not all of them may be forced to shut down, according to the publication.
- Those covered crypto-asset firms that refuse to shut down could face fines or legal action by the FCA.
Read more: UK Crypto Companies Now Have to Submit Financial Crime Reports
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Saylor Says Strategy Will Not Issue Preferred Equity In Japan, Giving Metaplanet A 12 Month Headstart
MSTR executive chairman shuts down idea of near term expansion of perpetual preferreds in Japan.
What to know:
- Strategy (MSTR) will not list a perpetual preferred equity, or digital credit, in Japan within the next twelve months, according to executive chairman Michael Saylor.
- Metaplanet plans to introduce two new digital credit instruments, Mercury and Mars, into Japan's perpetual preferred market, aiming to increase yields significantly compared to traditional bank deposits.
- Japan's market regulations differ from the U.S., as it does not allow at-the-market share sales, leading Metaplanet to use a moving strike warrant for its offerings.
Top Stories
