FCA: Majority of crypto exchange applications 'withdrawn or refused'

Concerns over money laundering

clock • 3 min read
Crypto exchanges a cause of concern for the regulator
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Crypto exchanges a cause of concern for the regulator

Around 90% of applications from crypto exchanges in the UK are either "withdrawn or refused", FCA chief executive Nikhil Rathi said on Wednesday (8 December), as he argued that some crypto assets have "no intrinsic value" at all.

Speaking before the Treasury Select Committee, Rathi said: "We see a serious link to money laundering and serious organised crime being propagated through crypto exchanges and a culture in many of those...

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