CoinJar, an Australian headquarters cryptocurrency exchange, announced today that its office in the UK, CoinJar UK Limited, has been officially registered by the Financial Conduct Authority (FCA) as a cryptocurrency exchange provider and custodian wallet provider.
In January 2020, new regulatory powers were introduced to allow the FCA to monitor how UK crypto-asset businesses handle the risks of money laundering and counter-terrorism financing.
Now, these businesses must be registered and comply with the Money Laundering, Terrorist Financing, and Funds Transfer (Information on Payers) Regulations 2017 (MLRs).
Headquartered in Canary Neck, London, CoinJar has actively formed its UK team to meet its compliance obligations, hiring other compliance staff, including a dedicated UK Money Laundering Reporting Officer (MLRO).
“We are very happy to receive this official recognition from the FCA and to be one of the first to receive it. As a business that embraces regulation and innovation on an equal footing, the establishment of a clear regulatory framework from the FCA benefits our investors and company partners, ensuring long-term management of Coinzer in the UK.
– Asher Tan, CEO of CoinJar
Originally based in Australia, CoinJar will launch several new products in the UK this year to include state-of-the-art backend digital currency processing for businesses and a white label service to provide consumer-centric CoinJar card MasterCard. Users will be able to spend cash, online and in-store like their crypto.
Since establishing itself in London, Coinjar has signed a sponsorship deal with Brentford Football Club, playing in the Premier League for the first time this year. This is in addition to their partnership with the Melbourne Demons, the contenders for the Australian rules premiere, who are coincidentally enjoying their best season year after year.