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Uphold becomes UK-registered crypto asset company after approval by the Financial Conduct Commission

Uphold becomes UK-registered crypto asset company after approval by the Financial Conduct Commission

The European subsidiary of the US-based cryptocurrency exchange Uphold has been approved by the UK Financial Conduct Commission (FCA).

According to the FCA’s website, Uphold Europe Ltd., a subsidiary of the UK subsidiary Uphold, received regulatory approval on February 17, 2022, joining the shortlist of 32 FCA accredited crypto asset service providers among 200 companies. Approval indicates that the Company complies with the UK Anti-Money Laundering and Counter-Terrorism Funding Rules.

Crypto-asset companies are registered with the Financial Conduct Authority (FCA). Source: Financial Conduct Authority

In order for cryptocurrency exchanges and service providers to offer their services to UK-based customers, they must register with the Financial Conduct Authority and comply with existing anti-fraud rules. The Financial Conduct Commission issued in 2022 three cryptocurrency licenses, including eToro, Uphold and Lite Technology.

The registration of a crypto asset company in the UK is one of the strictest licenses and some leading global cryptocurrency exchanges such as Binance have failed to obtain one. The 32 recognized names include key names such as Gimini, Genesis, Goengar and Robinhood.

With the approval, Upholt aims to expand its services to UK customers. The company’s CEO believes the FCA’s approval demonstrates its commitment to compliance and regulation.

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