Cryptoasset firms are not meeting anti-money laundering rules, UK regulator

A significantly high number of cryptocurrency-related firms are not meeting required standards under anti-money laundering rules, Britain’s financial watchdog said on Thursday.

The announcement caused an excess of withdrawals for applications to register with it.

The Financial Conduct Authority (FCA) said in a statement it would extend the date of its temporary registrations regime to the end of March next year from July 9.

The extension will allow cryptoasset firms to carry on their business while the regulator carries out further checks, the FCA said.