London-based cryptocurrency and financial technology company Wirex has announced that it will no longer accept new clients from the UK after discussions with its regulator, the Financial Conduct Authority.
The decision to suspend registrations in the UK is apparently voluntary, according to a Wirex press release on March 24th, but it followed in the footsteps of “constructive dialogue” with the FCA.
From March 25th, UK residents will no longer be able to sign up for Wirex services. Going forward, Wirex will use its interest and resources to reinforce the five AMLD Protocols (Fifth Anti-Money Laundering Directive) as per the latest guidelines laid down by the FCA.
The Financial Conduct Authority (FCA) announced its intention to ban all trading in cryptocurrency derivatives in October 2020. In January, the ban went into effect, and its effect quickly became known when cryptocurrency derivative exchanges began shutting down services to UK customers.
Pavel Matiev, co-founder and CEO of Wirex, said the Financial Conduct Authority (FCA) has come up with suggestions on how the company could update its operating procedures:
“In a dialogue with us, FCA has provided suggestions on how to make changes to our operating procedures, which we welcome and intend to follow […] We fully support the findings of Khalifa Fintech’s review on the growth of fintech in the UK. This is the goal. ”
The company said new residents of the UK who attempt to register will be added to the waiting list at this time. Wirex claims to have 3.5 million registered users worldwide and provides access to more than 150 different currencies, both cryptocurrencies and fiat currencies, via its app and Mastercard-based debit card.