Kraken Sub Gets FCA OK to Expand
Posted by Colin Lambert. Last updated: November 18, 2021
Kraken’s UK subsidiary Crypto Facilities has been granted registration under the amended Money Laundering Regulations 2017 (MLRs) from the UK’s Financial Conduct Authority (FCA), giving the company the ability to expand the range of products and services available to UK clients as a registered cryptoasset business.
The approval confirms that Crypto Facilities is in full compliance with the MLRs in relation to its cryptoasset activities, and that it maintains the exact same AML/CFT standards as FCA-regulated banks, brokers, investment firms and payment service providers in the UK.
“Institutional and professional investors have strict compliance requirements and expect the firms they work with meet the same criteria,” says Gary Worrall, CEO at Crypto Facilities. “The MLR registration effectively ticks all the right boxes for both current and prospective clients to continue trading crypto derivatives on the Crypto Facilities platform. It paves the way for us to enhance and expand our offering, ensuring clients have access to the various exposures that best fit their investment needs.
“Whilst the inflow of institutional funds into the cryptocurrency market has been remarkable over the past year, compliance and regulatory certainty remain a significant hurdle for many looking to gain exposure to digital assets,” he continues. “The MLR registration affirms Crypto Facilities’ commitment to regulatory compliance, providing assurances that we provide a safe and secure trading environment for crypto derivatives.”