The crypto exchange Uphold has met the strict cryptocurrency rules posted by the Financial Conduct Authority (FCA) in the UK.
With some regulatory measures being harsher than others, the UK has one of the strictest requirements for crypto exchanges to begin operating in the country. However, some digital asset firms manage to pass FCA's test and meet the appropriate standards to operate in the United Kingdom.
According to FCA’s virtual asset service provider register, the crypto platform Uphold has successfully become one of 32 crypto exchanges approved by the regulatory authorities by meeting the UK’s anti-money laundering (AML) and counter-terrorist financing policies.
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In fact, there have been a total of 200 crypto platforms that tried to secure the FCA’s approval. With only 32 being registered, the percentage of approval is approximately 16%.
After securing the FCA’s approval, the US-based crypto exchange Uphold will be looking to explore its options in a new market, alongside some of the largest players in the industry like Gemini and Robinhood who have already been established in the country.
Interestingly enough, on the same day that Uphold received its approval from the FCA, the crypto exchange appointed Simon Mcloughlin, who has been the President and COO of the company for the past three years, as the new CEO of Uphold.