Coinpass offers services to both retail and institutional investors
The UK financial regulator, the Financial Conduct Authority (FCA), has approved crypto exchange Coinpass as a registered cryptoasset firm, according to a press release published on Wednesday.
Information on the FCA’s register indicates that the company was officially registered on August 26 and is based in West Sussex. The register also shows that Coinpass complies with anti-money laundering regulations.
Coinpass CEO Jeff Hancock emphasized the importance of FCA registration, saying the approval will make the exchange accessible to a wider range of users and is a key step toward building a more inclusive market.
“We are very pleased to be among the first UK crypto exchanges serving individuals and businesses to be fully registered with the FCA as a cryptoasset firm,” he added.
According to Hancock, clear guidelines from the financial regulator can help the UK become a global leader in crypto industry regulation.
He also noted that the FCA plays a critical role in strengthening the UK’s appeal as “a hub for investment and fintech.”
Coinpass now joins a small group of exchanges, brokerages and other crypto-related firms that have applied for and received FCA approval. These firms are licensed to operate in the UK under the regulator’s oversight.
Before securing approval, many crypto companies—including well-known exchanges—were listed with temporary registration by the FCA. This temporary status allows crypto firms to continue operating while the FCA processes their applications.
In June, the FCA announced an extension of the temporary registration regime, extending the deadline from July 9 to March 31, 2022.