A big win for the EXMO community! Our crypto exchange has received a temporary registration status with the UK FCA. While we are looking forward to receiving a permanent registration, this is an important step towards transparency and clear regulation for crypto institutions.
“Clear regulations are the first step towards global crypto adoption. EXMO will continue on the path of transparency, security, and legality”,
Sergey Zhdanov, COO at EXMO
The UK amended its anti-money laundering rules earlier this year with the European Union’s Fifth AML Directive (AMLD5). The updated directive called for new and existing crypto businesses in the UK to register with the FCA before carrying out any crypto-asset activity.
EXMO submitted its request in April 2020. The initial application involved sending documents showing the regulator that systems and controls are in place to monitor and manage AML risks.
We will not bore you with all the details and what documents we submitted. However, the process was highly elaborate and lasted more than 6 months.
Of course, this is just the first step. Our team is looking forward to obtaining a permanent registration. We fully support the FCA’s initiative to ensure businesses are meeting the highest standards to enforce high-level regulation for the digital assets world since we are aware that many of our competitors fall short in terms of fully enforcing AML.