On March 31, the UK’s top financial regulator, the Financial Conduct Authority (FCA), will end its Temporary Registration Regime (TRR) for crypto businesses. Therefore, companies following the registration criteria will not be allowed to continue operating. As of March 25, only 33 companies had successfully registered with the FCA.
Twelve other companies are still on provisional registration, including well-known names such as Blockchain.com and Revolut.
While the FCA could extend its deadline to June 2022, some companies have already started moving operations abroad to be able to serve UK customers. Last week, six companies, including B2C2 Ltd. and encrypted digital banking app Wirex Ltd., dropped out of provisional registrars.