Celsius Network, a blockchain-based lending platform, is leaving the United Kingdom to the United States over "increased regulatory uncertainty." According to an announcement, the company behind the project also decided to move to several other jurisdictions.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Celsius believes that its move will provide the community with more "stability, clarity, and development opportunities."
"This decision also means that we have chosen to withdraw our application from the UK Financial Conduct Authority's (FCA) temporary registration regime for crypto asset firms," the company added.
As the company's business activities will no longer be based in the UK, it has closed registration for new customers residing in the UK until further notice. Celsius' decision to leave the UK comes after the FCA said that the majority of cryptocurrency-related companies cannot meet anti-money laundering rules.
The watchdog emphasized that only five firms registered since January, while 90 have temporary registration. However, as many crypto firms failed to meet regulatory requirements, the FCA decided to extend the deadline of its temporary registrations' regime from July 9 to the end of March 2022.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.