Home News After Consultation with Financial Regulator, Wirex has Halted Signs in the UK

After Consultation with Financial Regulator, Wirex has Halted Signs in the UK

As per the latest reports, Wirex has announced that it will no longer be proceeding with any more signups for customers that are based in the UK. The firm has announced that it has come to this conclusion after having a discussion related to the policies and regulations with a regional regulator. The name of the regulator that Wirex got in discussion with is Financial Conduct Authority (FCA).

Wirex is a fintech as well as a cryptocurrency firm that is based in London. Wirex is one of the most popular cryptocurrency exchanges in the United Kingdom that has been involved in providing crypto-services to UK citizens.

It has been revealed that the UK-based cryptocurrency exchange has made the decision voluntarily. The official announcement on the signup halts for UK-based customers has been made by Wire on Wednesday, March 24, 2021.

However, the firm has announced that it has gone with a constructive approach where it has held dialogues with the Financial Conduct Authority (FCA) regarding the matter.

The fintech firm, Wirex has announced that from Thursday, March 25, 2021, onwards, no resident from the UK will be able to sign up with the exchange. The firm has also revealed that going forward, it will be paying more attention to the regulatory infrastructure.

Wirex officials have announced that their main focus will be to strengthen and streamline the process of the Fifth Anti-Money Laundering Directive (5AMLD).

The firm has revealed that it will be strengthening and streamlining the 5AMLD that will be in full compliance with the guidelines that have been laid out by the Financial Conduct Authority (FCA).

It was back in October 2020 when the Financial Conduct Authority (FCA) had announced that it intended to ban cryptocurrency derivatives in the entire country. Following the intimation from October 2020, it was announced that cryptocurrencies and derivatives will be banned in the country from January 2021.

The outcome of the crypto-derivatives banning was that the crypto-derivatives offering cryptocurrency exchanges in the United Kingdom started closing down their services for the customers in the UK.

Pavel Mateev, the CEO and co-founder at Wirex also talked about how things went between the firms. Mateev stated that the Financial Conduct Authority (FCA) had suggested their exchange as to how it could go ahead and proceed with updating its operational procedures.

Following the announcement of the halt of signups for UK residents, the firm has announced how the system would react once the users from the UK will go for the signup.

The firm has claimed that once the UK citizens go for the signup, they will be placed on a waiting list. As soon as the situation becomes favorable for UK citizens, these listed users will be allowed to signup.

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