Crypto payment company WireX decided to take its regime application back from the UK watchdogs.
WireX is a UK-based crypto company, which provides crypto wallet-linked Visa virtual and physical cards to its users. Besides these services it also provides crypto exchange and payment solutions to its users. Right now the company has its network at significant levels in London, Singapore, Tokyo, Delaware, Toronto, and Kyiv, Ukraine. In the present time WireX is facing a hard time to get direct regulatory approval from the UK to give full services.
According to Coindesk report, the WireX company took its full registration application back from the financial conduct authority (FCA) before 31 March.
WireX filed for regulatory approval with the FCA agency to operate its services after the end Temporary Registration Regime (TRR). So now the company will move toward another way to provide services under full compliance.
The company already has regulatory approval in Croatia by local regulator HANFA but this license is under its subsidiary Wirex Digital. So WireX will give service via its subsidiary Wirex Digital for UK-based users.
FCA: Strict agency of the UK
In 2020, FCA became the authority for the United Kingdom to regulate the companies and services to comply with the anti-money laundering (AML) laws and also to prohibit illegal or terrorist funding.
Right now around 200 companies have filed applications to get regulatory approval from the UK since 2020 but right now only 33 companies received successful regulatory approval to provide full-scale services under the imposed framework.
It is worth noting that Blockchain.com, Copper, and Revolut like crypto firms are dependent on the TRR. So it will be interesting to see what will happen next for these crypto companies after 31 March.
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