UK-based financial technology firm Crypterium has announced that it has acquired official registration from the UK’s Financial Conduct Authority (FCA), setting its sights on expanding its services to more customers.
Established in 2018, Crypterium says that its mission is to bring transparency and efficiency to “everyday digital asset finances.” This means that the firm serves as a platform to connect both crypto and traditional finance into a new, digital economy.
Crypterium’s platform currently serves over 170 countries across the globe, and also has integrations with VISA through its proprietary Crypterium Card, which it has issued to over 30,000 users across its network, which itself processes some 2.5 million transactions on a monthly basis. Crypterium currently has a limited user count of only about 450,000 — but it will likely expand and accelerate its user base due to the FCA’s registration approval.
“Becoming an FCA-registered firm is a fantastic opportunity. From now on, interested parties will view Crypterium in a new light, a company that puts user security and accessibility first. Not only do we provide an excellent set of services, but now we can show that these are done with full compliance of some of the toughest assessment criteria,” shared Crypterium CEO Steven Parker.
In recent news, the UK’s FCA has been campaigning against irresponsible cryptocurrency trading, warning younger crypto users of the risks associated with the industry. Earlier this year, the FCA banned Binance while also issuing a research that showed how UK citizens are increasingly becoming aware and educated about crypto.
The increased regulatory oversight on the crypto industry, specifically in the UK, has led to a blanket rule on anti-money laundering legislation overseen by the FCA, in which it implemented stricter compliance frameworks for crypto and crypto-adjacent businesses, a campaign that began sometime in January 2020. To date, the FCA has authorized the registration of 15 crypto and fintech firms.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
