The UK’s main financial regulator has said accounting cannot work in the UK. In a statement released on Saturday, the Financial Conduct Commission (FCA) said the cryptocurrency exchange was “not authorized to carry on regulated activity in the UK.”
A Regulated function He’s probably referring to margin trading and derivatives – providing accounting for UK clients despite the FCA ban in January.
In a warning issued on Friday, the Financial Conduct Commission is also expected to stop advertising for UK clients and collect data on its UK clients.
By Wednesday, Finance is expected to post the following on its website and social media: âFinance Markets Ltd is not permitted to engage in organized activity in the UK. “
Accounting does not have a world 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 of last year and complete it by March of last year. next year.
Over 90% of cryptocurrency companies withdrew their candidacy because they did not meet FCA anti-fraud requirements, including Finance Markets Limited, which withdrew its candidacy on May 17 “after serious engagement by the FCA “.
Accounting Jersey, registered on the British (non-British) island of Jersey, accepts sterling deposits through UK credit cards and its Fiat-to-crypto platform until it closes on December 30.
Two days ago, the Japanese financial services company advised financial clients not to register for the transaction. Last summer, the Malaysian Securities and Exchange Commission declared the finance illegal, but the company continued to operate there.
An accountant spokesperson did not respond to a request for comment. A customer support manager said, âWe cannot provide additional information. Stay tuned for new announcements. “
* Translated and edited with permission Decrypt.co
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