Mode Global Approved by UK Regulator for Crypto-Asset Registration
Mode now plans to decommission its "Bitcoin Jar" investment product to focus on building a payment system with a bitcoin cashback offering.
Jun 24, 2021 at 12:33 p.m. UTCUpdated Aug 21, 2021 at 7:00 p.m. UTC
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Mode Global Holdings has won approval from the U.K.'s Financial Conduct Authority (FCA) to join the regulator's crypto-asset business register.
- The financial-services regulator granted anti-money laundering approval to Mode's Fibermode subsidiary and awarded an electronic money license to its Greyfoxx unit, an announcement Thursday said.
- With the registration, Mode plans to decommission its "Bitcoin Jar" investment product to focus on building a payment system with a bitcoin cashback offering.
- Mode shares trade on the London Stock Exchange with a market capitalization of over £44 million ($61 million).
- The FCA became the U.K.'s anti-money laundering and counter-terrorist financing supervisor of crypto asset firms in January, requiring businesses to register under its auspices to continue to operate.
- Mode joins two Gemini entities, Archax, Ziglu and Digivault, the custody arm of Diginex, on the register.
- The deadline for registration was recently extended from July 9 to March 31.
- The regulator warned yesterday that there are 111 unregistered crypto-asset firms in the U.K., which poses a risk to the broader financial system.
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