ComplyCrypto Depository Limited has received approval from the Financial Conduct Authority (FCA) to operate as a registered cryptoasset exchange provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).
The company made out of a partnership between Gentium UK Limited and Complyport Limited, aims to establish itself as a leader in the UK’s crypto-compliance market, focusing on transparency, regulatory compliance, and innovation.
ComplyCrypto complies with AML/CFT rules
ComplyCrypto is now authorized to offer cryptoasset-to-fiat services to select clients, as directed by the FCA.
Richard Strike, Managing Director of ComplyCrypto, stated, “ComplyCrypto’s mission is to ensure that the growing cryptocurrency marketplace is safer for the economy and society as a whole. By adhering to the stringent requirements set forth by the MLRs, ComplyCrypto ensures its operations remain fully aligned with regulatory obligations related to Anti-money Laundering (AML) and Counter-Terrorist Financing (CTF) measures.”
Paul Grainger, Chairman of Complyport and Director of ComplyCrypto, expressed gratitude to the FCA for their “invaluable technical guidance and advice, their professionalism and patience throughout the registration process.” He reaffirmed the commitment of ComplyCrypto’s team to help build a safer crypto-asset marketplace.
FCA registration process took less than six months
The FCA registration process for ComplyCrypto Depository Limited was completed in under six months, well within the FCA’s target timelines, the firm stated.
Kyriacos Christofidis, Associate Director at Complyport and responsible for the application, described the process as stringent but clear. “Thanks to the specialized and experienced team at the FCA, who provided us with specific feedback and guidance,” he noted.
Christofidis added, “When an applicant’s business plan, systems, and compliance framework are clearly presented, and when applicants are open and transparent with the FCA, timely approvals can be achieved.”
As ComplyCrypto begins its operations, it aims to set a benchmark in compliance and safety in the expanding cryptocurrency market, fostering a secure environment for its clients and stakeholders.
ComplyCrypto focuses on providing cryptoasset management services that adhere to stringent compliance standards. Their offerings include secure custody for clients’ cryptoassets, ensuring regulatory compliance, and fostering trust in the cryptocurrency ecosystem.
