UK FCA grants registration to crypto startup Crypterium

Regulation

British cryptocurrency services provider Crypterium is the latest crypto firm to secure registration from the United Kingdom’s Financial Conduct Authority (FCA).

Crypterium officially announced on Oct. 25 that it has recently been registered by the FCA to provide cryptocurrency services to local citizens and companies, becoming one of few companies to have passed the registration process.

According to data on the FCA’s official website, Crypterium has been registered to operate “certain crypto asset activities” in compliance with the country’s Anti-Money Laundering (AML) regulations since Oct. 11.

The registration officially authorized Crypterium to continue providing its crypto wallet services, including crypto trading and payment services, to “practically everybody” in the United Kingdom, the announcement notes. The registration is particularly important amid the upcoming Brexit measures, allowing Crypterium to provide the same level of functionality to U.K. businesses as in other supported countries.

According to the announcement, Crypterium’s crypto wallet application is available in more than 170 countries and has amassed over 400,000 clients since its launch.

“Becoming an FCA-registered firm is a fantastic opportunity. From now on, interested parties will view Crypterium in a new light, a company that puts user security and accessibility first. Not only do we provide an excellent set of services, but now we can show that these are done with full compliance of some of the toughest assessment criteria,” Crypterium CEO Steven Parker said.

The firm noted that the FCA registration is extensive, taking “18 months of policies and processes assessment before approval is granted.” The firm did not immediately respond to Cointelegraph’s request for comment.

Related: Competition drives young traders’ crypto investments, says UK watchdog

By obtaining the FCA registration, Crypterium joins a handful of companies that the U.K. authority has registered so far, including two firms affiliated with Winklevoss twins’ crypto exchange Gemini, Australian exchange CoinJar, crypto-friendly bank Ziglu, Archax, Diginex’s Digivault and others. Earlier this year, the FCA warned against 111 unregistered crypto companies. Previously, 51 companies reportedly withdrew their licensing applications with the FCA amid strict local AML regulations.

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