London-based cryptocurrency and financial technology company Wirex has announced that it will no longer accept new clients from the UK after discussions with the Financial Conduct Authority.
The decision to suspend registrations in the UK was apparently voluntary, but came after a “constructive dialogue” with the Financial Conduct Authority (FCA), according to a March 24 press release from Wirex.
From March 25th, UK residents will no longer be able to sign up for Wirex services. Going forward, Wirex will devote attention and resources to strengthening the 5 AMLD Protocols (Fifth Anti-Money Laundering Directive) in line with the latest guidance laid out by the FCA.
The Financial Conduct Authority (FCA) announced its intention to ban all trading in cryptocurrency derivatives in October 2020. The ban went into effect in January, and its results soon became known when cryptocurrency exchanges began shutting down services to UK customers.
Wirex co-founder and CEO Pavel Matiev said that FCA has made suggestions on how the company should update its operating procedures:
“FCA, in a dialogue with us, has provided suggestions on how to make changes to our operating procedures, which we welcome and intend to follow […] the ecosystem and see ourselves as an integral partner in achieving this goal.”
The company said that new residents of the UK who are trying to register are currently being added to the waiting list. Wirex claims to have 3.5 million registered users worldwide and provides access to over 150 different currencies, both cryptocurrencies and fiat currencies, through the app and Mastercard-based debit card.