More than 50 companies dealing in cryptocurrencies could be forced to shut after failing to comply with UK anti-money laundering rules.
The City watchdog said an “unprecedented number” of crypto firms are withdrawing applications from a temporary permit scheme that allowed companies to continue trading while their applications were being assessed.
The Financial Conduct Authority said: “A significantly high number of businesses are not meeting the required standards under the money laundering regulations resulting in an unprecedented number of businesses withdrawing their applications.”
All those know your customer, know their source of funds etc rules.
Not that I think that Bitcoin et al are the new revolution but it’s being strangled by bureaucracy all the same.