Blockchain.com Scores After 4-Year Rollercoaster: Big Win for Crypto in Britain

In a surprise move, popular crypto exchange and wallet service Blockchain.com has finally landed a spot on the UK’s Financial Conduct Authority (FCA) registry. This comes almost four years after the company seemed to call it quits on the process. Listed under its trading name “BC Operations,” this approval marks a key milestone for the London-based firm.

What Happened Back in 2022?

Let’s rewind. In March 2022, Blockchain.com pulled its application for an FCA license. The reason? They faced a tight deadline and no approval in sight. Instead of waiting longer, the company shifted focus to its operations in Lithuania, where it already had a foothold in the European market.

This pivot made sense at the time. The UK’s crypto rules were getting stricter, and many firms struggled with the FCA’s tough checks. Blockchain.com kept serving UK users through its Lithuanian setup, but it meant operating without direct FCA oversight.

The Big Announcement: Added to the FCA Registry

Fast forward to this Tuesday. Blockchain.com joined the FCA’s list of registered crypto firms. This registry lets approved companies offer specific crypto services in the UK, as long as they follow strict rules on money laundering and fighting terror financing.

The company celebrated on X (formerly Twitter), saying: “Blockchain.com is now operating under the same rigorous standards as traditional finance and banks in the UK.” It’s a proud moment, showing they meet high compliance levels.

What Does Really Mean?

This isn’t a full banking license. The FCA’s current crypto setup is more like a basic green light. It covers activities like:

• Exchanging cryptocurrencies for fiat money (like GBP).
• Swapping one crypto for another.
• Storing or safeguarding crypto assets.
• Offering crypto advice or promotion.

To stay registered, Blockchain.com must stick to anti-money laundering (AML) and counter-terrorist financing (CTF) rules. Regular checks by the FCA keep things in line.

For UK users, this brings peace of mind. Your funds get better protection, and the platform must handle complaints properly. It’s a step toward making crypto as safe as using a bank.

Why Did It Take So Long? The FCA Backlog Story

The FCA has been swamped. Since 2020, over 300 crypto firms applied for registration. Only about 50 made it through. Many withdrew or got rejected due to weak controls.

Blockchain.com’s four-year wait highlights the grind. But their return shows persistence. They fixed issues from 2022 and re-entered the process successfully.

This approval joins others like Ripple, which also got FCA nod recently. It signals the UK is opening up to compliant crypto players.

From Lithuania to London: A Smart Strategy

While waiting on the UK, Blockchain.com leaned on its Lithuanian license. Lithuania is crypto-friendly in the EU, offering quick approvals. This let them serve Europeans, including Brits post-Brexit.

Now with UK registration, they can tailor services better for British users. No more gray areas – full compliance means smoother operations and trust-building.

Looking Ahead: New Rules Coming in 2025

The current FCA regime is temporary. Starting October 2025, a full crypto licensing framework kicks in. It will cover more risks, like market abuse and consumer protection.

Expect tougher rules on stablecoins, staking, and lending. Firms like Blockchain.com will need to upgrade to stay ahead. Early registration gives them a head start.

Why This Matters for the UK Crypto Scene

The UK wants to be a crypto hub. With clear rules, more firms will invest here. Users win with safer platforms, and innovation grows under watch.

Blockchain.com’s win boosts confidence. It proves even after setbacks, compliant businesses can thrive. Other exchanges watching closely might follow suit.

Benefits for Everyday Crypto Users

1. Safer Trading: FCA oversight means better security and fair play.
2. Easy Access: Buy, sell, and store crypto without legal worries.
3. Trust Boost: Matches bank-level standards, attracting newbies.
4. Future-Proof: Ready for 2025 rules.

Challenges Still Ahead

Not all smooth. Crypto volatility, hacks, and scams persist. FCA registration fights these but doesn’t end them. Users must stay vigilant – use 2FA, check URLs, and avoid hype.

Global regs vary too. Blockchain.com navigates UK, EU, and US rules, balancing compliance costs with user fees.

Final Thoughts: A Turning Point for

‘s after a four-year wait is a game-changer. It shows regulatory hurdles can be cleared with patience and fixes. For the UK crypto market, it’s fuel for growth.

Whether you’re trading Bitcoin, holding Ethereum, or exploring wallets, this makes Blockchain.com a solid pick. Stay tuned as the industry matures under watchful eyes.

What do you think? Will more exchanges get FCA nods soon? Share in the comments!

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