UK financial watchdog adds bitcoin ATMs to unregistered crypto business list as part of AML push

Apr 1, 2021 | The Block News | 0 comments


A leader at the United Kingdom’s Financial Conduct Authority spotlighted the country’s recent anti-money laundering work (AML) in a recent speech.

In a speech delivered on March 24 but publicized on April 1, Mark Steward cited cryptocurrency as a key emerging risk to AML controls. Steward heads the FCA’s Enforcement and Market Oversight division. In January, the FCA formally took charge of AML in crypto businesses.

Part of the FCA’s response has been to create a new version of its Warning List specifically for crypto businesses. The “Unregistered Cryptoasset Businesses” list, which began on March 9, has grown in size since its inception. In his speech, Steward specified:

“We placed the first names on the Unregistered Cryptocurrency Businesses List earlier this month, all crypto ATM firms, and we have just added 29 crypto custodian wallet providers to the list.”

As previously reported by The Block, crypto firms in the UK have endeavored to meet compliance demands in the UK since the beginning of the year. At its heart, the unregistered business list aims to penalize firms that fail to obtain registration.

Steward said of the FCA’s role that “we do not regulate or supervise the cryptocurrency business, these firms are required to be registered with the FCA and they are required to comply with the Money Laundering Regulations.”

The FCA’s current UCB list includes 53 companies. Curiously, the list features more than a dozen firms registered to just two addresses. 20-22 Wenlock Road, London and Kemp House 152-160 City Road, London were the formal home of nine and five crypto businesses, respectively, included on the FCA list. Those addresses belong to two corporate formation firms, MadeSimple and Capital Office.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from

Related Articles

South African Crypto Platform Revix Raises $4.1 Million

South African Crypto Platform Revix Raises $4.1 Million

The South African cryptocurrency investment platform, Revix, has reportedly raised about $4.1 million from its latest capital raise round. According to the firm, part of the raised capital will be used “to launch Revix’s mobile application, a variety of Fourth...

PayPal’s Venmo now allows users to buy and sell crypto

PayPal’s Venmo now allows users to buy and sell crypto

PayPal's social payment arm Venmo has officially launched the service to let its users buy, hold and sell crypto assets within its mobile app. The company said in an announcement that the service, called "Crypto on Venmo," starts to roll out on Tuesday and will be...

Former currency comptroller to become CEO of Binance US crypto exchange

Former currency comptroller to become CEO of Binance US crypto exchange

Former top U.S. banking regulator Brian Brooks is joining the U.S. affiliate of the world’s largest cryptocurrency exchange as its new CEO. Brian Brooks, the former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, is...

Pin It on Pinterest

Share This