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Case study: FCA registration for a leading crypto exchange

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Case study: FCA registration for a leading crypto exchange

With regulation a key condition of UK cryptoasset firms’ legitimacy, Traci Pham demonstrates how engaging with specialist compliance consultancy, Newgate Compliance can accelerate firms’ registration with the UK’s Financial Conduct Authority (FCA) and get them to market quicker.

Our client

Coinpass is a UK cryptocurrency exchange providing fast and secure trading on its award-winning platform. It enables retail investors, professional traders and businesses to buy, sell, trade and hold cryptocurrencies through its proprietary trading technology.

Challenge

It is a mandatory obligation for all firms carrying on cryptoasset activity in the UK to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and to register with the FCA. Coinpass required assistance registering with the FCA in order to operate within the UK market.

Solution

Newgate helped Coinpass’ management team to navigate the regulatory complexities of the FCA’s registration process as a cryptoasset firm. It drafted the compliance framework, risk assessments, application materials, policies and procedures, and also liaised with the FCA on any questions they had on the application.

Result

Coinpass became one of the first UK based cryptocurrency trading exchanges to be fully registered with the FCA as a cryptoasset firm. Its registration with the FCA and adherence to anti-money laundering regulations is a sign of the growing strength of the UK’s cryptocurrency ecosystem.

What our client said

Jason Fitzpatrick of Coinpass said, “Newgate were instrumental in guiding and assisting Coinpass to become registered as a crypto asset firm with the Financial Conduct Authority.”

To discuss your compliance arrangements, contact Newgate Compliance here.

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