The Guardian: UK Anti-Money Laundering Rules Could Force Up to 50 Crypto Firms to Stop Trading

As many as 50 companies engaged in the cryptocurrency business in the U.K. could be forced to shut down after failing to meet the Financial Conduct Authority’s (FCA) anti-money laundering (AML) rules, according to The Guardian. It is estimated that only five crypto-asset firms have been granted full registration with the FCA, and 90 firms are currently being assessed through the FCA’s Temporary Registration Regime (TRR) program. The Guardian says 51 crypto companies have withdrawn their applications so far, but not all of them meet the FCA’s requirements. Those crypto asset companies that refuse to close could face fines or legal action from the FCA. The news comes after the U.K.’s Financial Conduct Authority said Thursday that a large number of crypto companies are not in compliance with anti-money laundering regulations and will extend their registration applications until the end of March next year.