London-based cryptocurrency and high-tech company Wirex has announced that it will no longer accept new customers in the UK following discussions with the relevant regulator, the Financial Services Authority.
The decision to temporarily suspend registration in the UK appears to be a step in the right direction, according to a statement released by Wirex on the 24th. The March press release was voluntary, but followed constructive dialogue with the FCA.
From 25 March, UK residents will no longer be able to subscribe to Wirex services. Going forward, Wirex will focus its attention and resources on strengthening its 5AMLD (Fifth Anti-Money Laundering Directive) compliance protocols in line with the FCA’s latest guidance, it said.
The FCA has announced its intention to ban all trading in cryptocurrency derivatives by October 2020. The ban came into effect in January and its effects were quickly felt as cryptocurrency derivatives exchanges began closing their services to UK customers.
Pavel Mateev, co-founder and CEO of Wirex, said the FCA had made suggestions on how the company could adjust its operations:
We fully support the Khalifa Fintech Review’s findings on the growth of the UK fintech ecosystem and see ourselves as a full partner in achieving this.
New UK residents who try to register will be placed on a waiting list for the time being, the company said. Wirex says it has 3.5 million registered users worldwide and offers access to more than 150 different currencies, both cryptocurrencies and fiat currencies, through its apps and Mastercard debit cards.
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