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According to an Oct. 31 update, PayPal UK Limited secured registration as a crypto asset business by the Financial Conduct Authority (FCA). This makes PayPal the fifth firm to receive the FCA’s crypto registration this year, alongside names like Interactive Brokers, Bitstamp and Komainu. You might also like: UK’s FCA to authorize overseas stablecoin providers One of the 14% approved Under PayPal’s listing on the FCA website, the status can now be found as “Registered Since Oct. 31, 2023” for “certain crypto asset activities.” In a statement to a local news site, a spokesperson said that this announcement “enabl[es] the transfer of PayPal’s UK customer accounts to this new UK entity from PayPal Europe on Nov. 1, 2023.” Background and registration statistics | Source: FCA website Since January 2020, the FCA has received 326 applications, of which only 14% or 43 received registration status. Of this number, only 34 were submitted this year, with a mere 6% or five...

The Financial Conduct Authority (FCA) issued a final warning to companies promoting crypto assets to UK consumers. This warning letter detailed the agency’s previous outreach efforts and endeavors to assist crypto firms in complying with the rules. A bolded final warning The UK government has brought forward legislation that would bring certain crypto assets in scope of the financial promotion regime, according to a prior June 8 announcement. Under these rules, all firms marketing crypto assets to UK consumers, which includes overseas firms, must comply with these regulations from Oct. 8 onwards. However, the letter cited that the regulatory body is “concerned by the poor engagement from many unregistered, overseas crypto asset firms who have UK customers on this important change.” According to the FCA, only 24 out of 150 firms responded to a survey issued. You might also like: UK FCA unveils guidelines for crypto operators ahead of ‘Travel Rule’ enf...

A recent study has revealed that two-thirds of crypto firms in the UK are failing to verify the credentials of the financial firms they conduct business with. The research from anti-money laundering software firm SmartSearch reveals that, out of 500 financial institutions it surveyed in the UK, ranging from crypto firms, gaming outlets, and banks, only 28% often carry out verification checks. In addition, the research found that 70% of high street banks, 56% of challenger banks, half of casinos, and over half of property developers also failed to carry out verification checks.  SmartSearch’s managing director Martin Cheek stressed, “While Know Your Customer checks are a well-established part of compliance, know your business is just as critical, enabling firms to assess the risk posed by new business customers .” UK watchdog FCA warns crypto firms miss money laundering Read more: Nomo Bank latest in UK to block Binance payments Cheek added, “Firms across financial s...