Wirex, the London-based cryptocurrency exchange platform, has withdrawn its application for a license from the United Kingdom’s Financial Conduct Authority (FCA), CoinDesk.com reported Monday (March 28).
As a result, Wirex and other firms including Blockchain.com, Copper and Revolut that failed to receive approval by the U.K. financial watchdog must cease operating on April 1.
For now, Wirex can serve its UK-based customers through Wirex Digital, its subsidiary licensed by the Croatian Financial Services Supervisor Agency. The regulator is responsible for the oversight of financial institutions in Croatia.
In 2020, the FCA became the U.K.’s regulatory authority for anti-money laundering and fighting the financing of terrorism. Since then, more than 100 firms have registered to be supervised by the regulator. But so far, just one-third have been approved.
In February, PYMNTS reported Wirex announced that it introduced its services in the U.S., hoping to offer people better access to both crypto and fiat services.
Wirex partnered with Zero Hash, Checkout.com, Visa and Sutton Bank, and US distribution is underway on its debit card.
The company said its services provide a way to buy, hold, exchange and sell US dollars, and 37 different cryptocurrencies, from a single app. It also allows for sending and receiving crypto from external wallets.
Wirex provides services to nearly 5 million users across the European Union as well as Iceland, Liechtenstein and the Asia-Pacific region.
After partnering with Zero Hash, Checkout.com, Visa and Sutton Bank, distribution has begun on its hugely popular debit card across America.
Since its launch in 2014, Wirex said it has become well-known within the FinTech community for developing a crypto-enabled debit card and crypto rewards.