The Financial Conduct Authority (FCA) recently made a statement regarding the Austrian cryptocurrency trading platform known as Bitpanda’s claims that it was not able to perform regulated custodian services for investors in Britain.
Bitpanda’s investor news followed its purchase of Trustology, a dedicated custodian wallet provider that is regulated by the FCA. However, the UK regulator was quick to set the record straight by issuing its own announcement.
The FCA clearly stated that while it was aware of Bitpanda’s statement regarding the purchase of Trustology Limited, the regulator had not yet decided the “fitness and propriety” of the investment platform.
It is unclear if the Austrian enterprise did not comprehend the UK’s current Money Laundering Regulations at the time it made its statement, or whether the announcement was designed to be deliberately misleading. In either case, the incident could potentially harm the reputation of one of the leading trading platforms for digital assets.
Whether they are interested in physical stocks or digital assets, consumers can look for investment advice in Shropshire, Cheshire and other UK counties from wealth managers.
Britain has some of the world’s most exacting regulations for money laundering. The FCA commented that if its sees fit, it has the power to suspend or even cancel the official registration of a cryptocurrency enterprise if it identified that a new beneficial owner is not appropriate.
It has the right to do this on several other grounds, especially if the new beneficial owner does not comply with its responsibilities per the Money Laundering Regulations.
