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Crypto firms begin shuttering UK operations ahead of formal FCA registration deadline

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Crypto startups are giving up hope of continuing to do business in the UK under pressure from the Financial Conduct Authority (FCA).

The finance watchdog has notified at least half a dozen crypto firms listed on a temporary version of its anti-money laundering register that they are likely to be rejected, according to people with knowledge of the situation.

With less than three weeks to go until the March 31 deadline for operators to win FCA approval, the regulator has given these companies a stark choice: either withdraw their applications and wind down any UK crypto operations or see the process through and risk outright rejection.

For some firms, the pressure has already told. SBI-owned B2C2 Ltd., one of the crypto sector’s largest market makers, has withdrawn from the temporary register — effectively ending its application.

From March 21, all of the company’s spot trading activities will be handled by B2C2 USA, the group’s US arm. Its derivatives trading business won’t be affected and will continue to be overseen by an FCA-authorised entity named B2C2 OTC Ltd.

“We…

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