In Brief:
- Kraken subsidiary Crypto Facilities have been granted Money Laundering License with the U.K. regulators.
- Crypto Facilities is the only company in the U.K. that holds multilateral trading facility MTF.
- The company can continue its crypto derivatives operation in the country.
U.K. MTF license holder Crypto Facilities has been granted a Money Laundering Regulations (MLR) license with the Financial Conduct Authority (FCA), which is a financial regulatory authority in the U.K.
The license holding company is compliant with money laundering regulations in the country to perform the cryptocurrency-based operation. In other words, The license holders meet the same standard as FCA-regulated banks have.
Crypto Facilities enters into a rare league of license holders and Kraken can continue to offer its derivatives trading in the U.K on it. Due to the ban on such activities from FCA, Crypto Facilities don’t allow retail traders to use its services. However, other firms, who relocated their business and did not register with FCA are providing retail services to their customers.
Furthermore, The company can expand its cryptocurrency operations in the U.K. “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,” said Crypto Facilities CEO Gary Worrall, in a statement.
Kraken spokesperson said “While this product is not reliant on the MLR registration, the development paves the way for a suite of new products and solutions for members who are active in the crypto sphere, which we plan to announce sometime in 2022,”
Also Read: Kraken Eyes European Banking License Ahead of Planned U.S. IPO
