Wirex suspends registrations in the UK after consulting the financial regulator

Fintech and cryptocurrency company WerksQuoted in London, It announced that it would no longer accept new clients resident in the UK after discussions with the judicial regulatorFinancial Conduct Authority.

The decision to temporarily suspend registrations in the UK appears to be voluntary, according to Press release Posted by Wirex on March 24th, Following the “constructive dialogue” with the FCA.

As of 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 its compliance protocols 5AMLD (Fifth Anti-Money Laundering Directive) according to the latest guidelines laid down by the Financial Conduct Authority (FCA), the company announced.

The Financial Conduct Authority (FCA) announced its intention to ban trading all cryptocurrency derivatives in October 2020. By January, the ban went into effect and I quickly felt its impact When the cryptocurrency derivative exchanges started shutting down services to UK customers.

Co-founder and CEO of Wirex, Pavel MatiyevAnd the He said FCA had made suggestions on how the company could update its operating procedures:

“The Financial Conduct Authority (FCA), in dialogue with us, has provided suggestions on how to implement changes to our operating procedures, which we value and intend to follow. […] We fully support the findings of Khalifa Fintech’s review on the growth of the UK’s fintech ecosystem and see ourselves as a key partner in making this happen. “

New UK residents attempting to register will be added to the waiting list for the time beingThe company stated. Wirex claims to have 3.5 million registered users worldwide and It provides access to over 150 different currencies, Through your app and your Mastercard debit card.

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