Wirex halts UK signups after session with monetary regulator

London-based cryptocurrency and fintech agency Wirex has introduced that it’s going to not tackle new U.K.-based prospects following discussions with the jurisdictional regulator, the Monetary Conduct Authority.

The choice to briefly halt U.K. sign-ups was apparently voluntary, based on a press launch posted by Wirex on March 24, nevertheless, it did observe sizzling on the heels of “constructive dialogue” with the FCA.

From March 25 onwards, U.K. residents will not be allowed to enroll in Wirex’s companies. Transferring ahead, Wirex will dedicate consideration and assets to strengthening its 5AMLD (Fifth Anti-Cash Laundering Directive) compliance protocols according to the newest tips laid down by the FCA, the agency introduced.

The FCA introduced its intention to ban all cryptocurrency derivatives buying and selling in October 2020. By January the ban had gone into impact, and its influence was quickly felt as cryptocurrency derivatices exchanges started to shut down companies for U.K. prospects.

Wirex co-founder and CEO Pavel Mateev stated the FCA had made ideas on how the agency might replace its operational procedures:

“The FCA have, in dialogue with us, made ideas on how we will implement adjustments to our operational procedures, which we welcome and intend to observe […] We absolutely endorse the Khalifa Fintech Evaluation findings about rising the UK-based fintech ecosystem and see ourselves as an integral companion in attaining this.”

New U.K. residents who attempt to enroll will probably be added to a ready checklist in the intervening time, the agency said. Wirex claims to have 3.5 million registered customers world wide, and gives entry to over 150 completely different currencies, each crypto and fiat, via its app and Mastercard-powered debit card.