TP ICAP’s crypto arm receives FCA’s go-ahead

abdelaziz Fathi

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

TP ICAP’s wholesale marketplace for spot digital assets, Fusion Digital Assets, has registered as a crypto exchange provider with the UK’s Financial Conduct Authority (FCA). The institutional-only trading venue will be operated by London-based broker Tullett Prebon (Europe) Limited.

“Until now the wholesale digital assets market has lacked the credible infrastructure and assurance necessary for them to allocate capital,” Duncan Trenholme, co-head of digital assets at TP ICAP Group, said.

TP ICAP has jumped into the crypto space in June last year with plans to set up a wholesale cryptocurrency trading platform together with Flow Traders and two digital asset custodians, Fidelity Digital Assets and Zodia Custody.

Less than 50 cryptocurrency-related companies are currently registered with Britain’s financial regulator. However, there are dozens of other crypto firms registered under the Temporary Registration Regime list.

The UK regulator has come under pressure as 85% of licence applications from crypto trading firms have either been rejected or withdrawn.

Since January 2020, the City watchdog has become the anti-money laundering and counter terrorist financing supervisor of UK’s crypto asset firms. At the time, the FCA kicked off a registration scheme for crypto-asset firms with an initial deadline of one year.

However, nearly 70 crypto businesses had withdrawn earlier submitted filings for registration as the country tightens its regulation on the space. By retracting their applications, these firms had to cease operation in the UK, though more than 200 firms are still being assessed by the FCA.

Amid a backlog of licensing applications, the FCA has extended its temporary licensing regime for firms whose applications haven’t yet been approved to allow them to continue trading.

Meanwhile, the UK Government plans to toughen up rules on crypto advertising that could be considered misleading. The Exchequer is proposing to bring the promotion of crypto-assets into the scope of the FCA’s existing oversight, rather than creating a new framework specifically for these products.

Read this next

blockdag

BlockDAG Dashboard Update, A Step Towards Transparency Fuels FOMO in Crypto Whales, Presale Garners $32.8M Amid Retik Finance Listing

Discover why investors are choosing BlockDAG after its dashboard update and $32.8M presale, surpassing Retik Finance listing on Bitrue.

blockdag

Discover 5 Altcoins to Skyrocket Your Wealth This Cycle 🚀

The bull run of 2024 ignites fresh excitement for anyone looking to increase their wealth.

blockdag

BlastUP Presale Hits $7M; Final Days to Buy $BLP

BlastUP, the premier launchpad on Blast, has confirmed its robust utility by successfully launching its first IDOs. As its presale nears completion, it continues to garner significant attention from crypto enthusiasts. The amount of funds raised so far is approaching 7 million, and BlastUP already boasts a large and passionate community of supporters.

blockdag

BlockDAG Network: The Mobile Mining Revolutionizing Crypto Mining

A Simple Guide on How to Mine BDAG and its Benefits.

blockdag

BlockDAG’s $600M Masterplan Shocks the World: Outperforms Retik Finance After Jaw-Dropping Piccadilly Circus Spectacle

Discover how BDAG dominates the global market as Retik Finance struggles at launch, showcasing a robust $600M growth plan and securing strong investor confidence.

Education

Top Business Ide­as for Success in 2024

Looking for the best busine­ss ideas to start in 2024? Our guide will help you find promising options. We­ cover sectors like digital, we­llness, and green innovations se­t for growth next year. 

Digital Assets

Coinbase seeks to dismiss SEC lawsuit citing new crypto laws

Crypto exchange Coinbase has renewed its efforts to appeal a judge’s ruling in its ongoing case with the U.S. Securities and Exchange Commission (SEC), citing recent legislative developments in Congress.

Digital Assets

Elon Musk mourns Kabosu, Dogecoin responds with price jump

Dogecoin (DOGE) price climbed on Friday after the passing of Kabosu, the Shiba Inu who inspired the meme cryptocurrency.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: FED, Eurozone Economic Outlook, US Dollar Index, May 24 ,2024

Despite positive US data, the Fed is likely to hold interest rates due to global slowdown concerns, lingering inflation, and internal disagreements. Markets expect potential cuts later in 2024.

<