Crypto trading platform Coinpass has been approved by the UK Financial Conduct Authority to register as a crypto asset company

The CoinPass team is pleased to announce that we have been approved as a registered crypto asset firm with the UK Financial Conduct Authority (reference number 921481).

The CoinPass management team has always believed in upholding regulation of the parts of the cryptocurrency ecosystem that interact with the traditional financial world. Conducting transactions between banks and cryptocurrencies on a single digital layer has been the vision of CoinPass since its inception. With our registration with the UK Financial Conduct Authority now in place, our vision is one step closer to reality.

Jeff Hancock, CEO of CoinPass, commented: "We are very pleased to become one of the first UK cryptocurrency trading exchanges for retail investors and businesses to be fully registered with the Financial Conduct Authority as a Crypto Asset Firm. We understand and fully support the need for regulatory guidance for exchanges and gateways in order to make the cryptocurrency market more inclusive and attractive to more users. The UK is a financial hub for investment and fintech and it has the potential, in line with the FCA's guidance, to become a world leader in cryptocurrency regulation. With this registration, I am very bullish on the future of cryptocurrency in the UK and proud of our achievement".

Previously, UK investors and traders in the cryptocurrency market were exposed to potential money laundering, loss of funds and poor customer service by using offshore unregistered exchanges to invest in cryptocurrencies such as Bitcoin and Ethereum. Many UK banks objected to cryptocurrency trading from customer accounts due to the jurisdiction or source of funds of certain exchanges when trying to liquidate crypto asset holdings. The introduction of mandatory registration for UK crypto asset companies in terms of compliance with anti-money laundering guidelines, regulations and policies for offering crypto assets will ensure the strength and improvement of the cryptocurrency ecosystem for UK investors.

Coinpass Limited (coinpass.com) is a UK-based cryptocurrency exchange registered as a crypto asset firm with the UK Financial Conduct Authority. Coinpass serves retail and business customers who wish to buy, sell, trade and hold cryptocurrencies such as Bitcoin and Ethereum in the United Kingdom.