CoinJar, an Australian headquartered cryptocurrency exchange, announced today that its office in the United Kingdom, CoinJar UK Limited, has been officially registered by the Financial Conduct Authority (FCA) as a Cryptoasset Exchange Provider and Custodian Wallet Provider.
In January 2020, new regulatory powers were introduced to allow the FCA to supervise how UK crypto-asset businesses manage the risk of money laundering and counter-terrorist financing.
Now, these businesses must be registered and comply with the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).
Headquartered in London’s Canary Wharf, CoinJar has actively structured its UK team to meet its compliance obligations, including hiring a dedicated UK Money Laundering Reporting Officer (MLRO), along with other compliance staff.
“We are very pleased to have this official recognition by the FCA and to be one of the first to have received it. As a business that embraces regulation and innovation in equal measure, the establishment of a clear regulatory framework from the FCA gives CoinJar long-term operating certainty in the UK, benefitting our investors and company partners.”
– Asher Tan, CEO of CoinJar
Originally established in Australia, CoinJar will be launching a number of new products in the UK this year including a white label service for businesses to provide state-of-the-art backend digital currency processing, and the consumer-focussed CoinJar Card Mastercard, which allows users to spend their crypto-like cash, online and in-store.
Since establishing itself in London, Coinjar has signed a sponsorship agreement with Brentford Football Club, which is playing in the Premier League for the first time this year. This is in addition to their partnership with Aussie Rules footy premiership contenders, the Melbourne Demons, who coincidentally are enjoying their best season in years.