Regulators in U.K. and Canada Trying Hard to Have a Grip on Crypto Trading Firms

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Canadian regulators just like their counterparts in the U.K. are trying to control crypt trading firms. According to the Financial Conduct Authority (FCA) in the U.K., crypto firms are having a difficult time meeting the anti-money laundering (AML) requirements.

FCA is putting its effort into ensuring that crypto firms are registered. FCA has withdrawn the registration application of some businesses after failing to comply with AML standards.

Crypto firms in the U.K. have until 9th July to initiate a temporary registration, they are allowed to continue operating as the registration process continues.

FCA has, however, extended the registration until 31st March 2022. Crypto firms will continue trading as FCA continues with the assessments. FCA will only register firms that are meeting AML standards. The AML rules are designed to prevent the transfer of funds from criminal activities or in the funding of terrorism.

If a crypto firm does not meet the standards, FCA advises people to withdraw their funds from them. Similarly, Canadian firms are trying to have a grip on crypto trading firms.

Ontario Securities Commission (OSC) has warned crypto firms doing business in the province to register or risk being closed. So far, 70 firms have initiated consultation with OSC, though one offshore firm is alleged to have failed to comply.

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