MoonPay is pleased to announce that we are now registered as a cryptoasset business with the United Kingdom’s Financial Conduct Authority.
The FCA regulates the UK’s financial services industry with the aim to protect consumers and promote healthy competition.
“This is a huge achievement that demonstrates the high standards we place on ourselves as a company,” said MoonPay’s Director of International Compliance, Simon Knight. “We’re committed to the highest level of security and compliance, not just in the UK but globally.”
Crypto registration with the FCA is not easy to attain. The vast majority of applications are rejected or withdrawn due to the high standards the FCA places on compliance. According to Sarah Pritchard, the FCA’s Executive Director for Markets, nearly 75% of applications aren’t approved.
Over 50,000 firms currently fall within the FCA’s remit, and nearly all financial service activities must be authorized by the regulator. One of the main areas it screens for is anti-money laundering and “Know Your Customer” compliance, for which MoonPay has a robust policy in place.
A full list of firms and individuals that are involved with FCA-regulated activities can be found on the agency’s Financial Services Register.
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