Eyes Security Via Regulation As It Gains UK FCA Approval On Global Compliance Tour

Major crypto exchange has gained approval from the UK’s Financial Conduct Authority (FCA) in its most recent addition to its list of newly confirmed territories.

While services were already available in the UK, the FCA’s decision is a bullish indicator for the entire crypto industry. becomes one of the only 37 crypto companies receive official approval from the FCA, with companies as big as Revolut still only holding a temporary registration. Other entities with full approval include Gemini, Ziglu, Bitpanda, Fidelity, eToro, Skrill, Uphold, and Wintermute.

The move makes the second largest exchange by trading volume to be approved by the FCA after Gemini. is “powered by CRO,” the fifth-largest native exchange token by market capitalization and the largest market capitalization of any FCA-registered entity.

exchange tokens
Source: CryptoSlate

The approval comes next in a growing list of territories that have licensed to officially operate in recent months. Since July, has obtained approvals and licenses in the Cayman Islands, Canada, South Korea, Cyprusand Italy.

Additionally, Kwon Park has been named the new CEO of in May. Park previously served as Strategy Director at Bittrex.

Amid a crypto industry reeling from news that open source code is now the target of OFAC sanctions in the US, is aggressively seeking legal approvals across the globe to solidify its position in the market. co-founder and CEO Kris Marszalek said:

“This is an important milestone for, with the UK representing a strategically important market for us and at a time when the government is advancing its agenda to make Britain a global hub for technology and investing in crypto assets.” is actively recruiting from the UK talent pool, with recent hires for UK Managing Director and Global Head of Sustainability and ESG. The company sees the UK as a “high potential market for cryptocurrency after a 650% increase in adoption.”

The addition of FCA approval enables to “offer a suite of products and services to UK customers, compliant with local regulations,” according to the press release. It is unclear whether this will mean access to new products and services.

However, compliance with local regulations can protect from the possibility of sanctions or other legal action in a turbulent regulatory landscape. is registered as “FORIS DAX UK LIMITED” in the UK

According to FCA Register.

Nevertheless, registration does not give direct protections to users because “you are unlikely to be protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme”.

A list of unregulated crypto-asset companies can also be viewed on the FCA website. These companies are still required to comply with AML, CTF and MLR regulations, but have not yet registered with the FCA.

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