The popular London-based digital asset and fintech company Wirex recently announced on March 24 that they will no longer take on new UK-based customers in accordance with directions of jurisdictional regulator Financial Conduct Authority (FCA).
Wirex states in a press release that this move is only temporary, and is only due to the constructive discussions that they had with the FCA. In addition, the firm announced that starting March 25 onwards, UK residents will be prohibited from signing up for Wirex’s services.
For the next few months, Wirex says that they will dedicate attention and resources to strengthening its Fifth Anti-Money Laundering Directive (5AMLD) protocols to comply with the latest guidelines made by the FCA.
According to Wirex co-founder and CEO Pavel Matveev, the FCA gave their company advice on how the firm could modernise its operational systems.
‘As a fintech with a global outlook, we’re at the frontier of making cryptocurrencies accessible to the widest possible audience. The UK’s ‘5AMLD’ will help increase transparency in financial transactions. The FCA have, in dialogue with us, made suggestions on how we can implement changes to our operational procedures, which we welcome and intend to follow,’ stated CEO Mateev at a press release.
In accordance with this statement, one of the top executives in FCA Sheldon Mills, explained that the ban on crypto derivatives will make people understand the harm that crypto poses to small-time traders.
‘We believe London is the capital of fintech and the FCA’s recommendations will help us create a stable environment to operate in. We fully endorse the Khalifa Fintech Review findings about growing the UK-based fintech ecosystem and see ourselves as an integral partner in achieving this. UK-based users keen to register for our app and card will be invited to join our waiting list during this temporary pause,’ Matveev added.
Currently, Wirex indicated that new UK residents who want to register will be added to a waiting list until the updates are done. Despite Wirex’s plans to restrict new UK-based users, the firm plans to grow and expand its services to become one of the largest and prominent firms in the world.
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