Bitstamp registered as a cryptoasset business by UK’s FCA

Bitstamp registered as a cryptoasset business by UK’s FCA

By Benson Toti - min read
  • Bitstamp is now among 42 firms listed by the Financial Conduct Authority (FCA) as registered cryptoasset businesses.
  • The exchange’s UK arm was added to the list on June 13, 2023.
  • It joins other platforms like eToro, Revolut and Moonpay on the FCA list of firms complying with Money Laundering, Terrorist Financing and Transfer of Regulations (MLRs).

Crypto exchange Bitstamp has been registered as a cryptoasset business by the UK’s Financial Conduct Authority (FCA), joining a small list of crypto firms to be duly registered in the United Kingdom.

Bitstamp UK Limited is FCA’s only crypto exchange registration so far in 2023, with its licensing as compliant with the Money Laundering, Terrorist Financing and Transfer of Regulations 2017 (MLRs) effective on June 13. 

The achievement acknowledges Bitstamp for our constant and unwavering commitment to operating at the highest standard. It additionally confirms that our platform offers compliant and secure access to cryptocurrencies in the UK, in accordance with the strict requirements set forth by the FCA,” Bitstamp wrote in a blog announcement on Tuesday.

The other platform to receive FCA’s nod was online trading platform Interactive Brokers Limited.

Bitstamp joins eToro and Revolut on FCA list

The FCA now lists 42 crypto and crypto related firms registered under compliance with the MLRs, including Ziglu Limited, Gemini Payments UK LTD, Zumo Financial Services Limited, Coinpass Limited, Ltd, ICONOMI LTD, Fidelity Digital Assets, Bitpanda Custody Ltd, Wintermute Trading LTD, Galaxy Digital UK Limited, MoonPay (UK) Limited, eToro (UK) Ltd and Revolut.

For Bitstamp, the UK regulator’s move now sees the exchange have approval across 52 jurisdictions globally. The exchange serves both institutional and retail customers, including providing crypto custody services, fiat-to-crypto purchases and sales and crypto-to-crypto trading. 

Registration comes amid the crackdown on crypto exchanges in the US, with both Binance and Coinbase sued by the SEC. The not-so-friendly crypto regulation environment in the US has seen Asia, particularly Hong Kong and UAE look to take advantage in quest to become crypto hubs.