Popular UK-based payment startup, Bottlepay, has recently received a green light from the UK's Financial Conduct Authority (FCA) to operate as a crypto-asset firm in the country.
According to an official press release published on Tuesday, Bottlepay is currently the first Lightning Network-based firm to be granted permission by the FCA and one of the very few crypto firms operating with an FCA license in the country.
Bottlepay, which is a subsidiary of the leading bitcoin investment solutions provider, New York Digital Investment Group (NYDIG), utilizes the Bitcoin Lightning Network to build a global instant payment solution.
The Bottlepay app allows users to send small units of bitcoin (sats), pounds or euros instantly via texts on some of the biggest social networks in the world, including Twitter, Telegram, Reddit, and Discord.
Speaking on the firm's recent feat, Bottlepay's founder, Pete Cheyne said "Our registration with the FCA is an achievement not just for Bottlepay, but for the Lightning Network. This registration goes to show that we can build the financial infrastructure of the future while upholding the regulatory and compliance standards of today."
To become registered by the FCA, firms must comply with the financial watchdog's anti-money laundering and counter-terrorist financing regulations.
Crypto-asset firms, in particular, are mandated to register with the FCA to operate within the UK, considering that cryptocurrencies are still not regulated in the country.
NYDIG's president, Yan Zhao, also commented on the latest development. He said, "We are incredibly proud of what the Bottlepay team has accomplished. Securing FCA registration is a breakthrough event and is a testament to NYDIG's and Bottlepay's commitment to compliance. Together with Bottlepay, we will continue to work hard to make the Bitcoin network accessible to all."
Based in Newcastle upon Tyne, Bottlepay was acquired by the U.S.-based NYDIG in October 2021, for about £220.5 million ($300 million). NYDIG is one of the leading compliance-oriented companies in the industry, maintaining a high level of governance, audit, and regulatory standards.
Binance Pushes for UK Registration
Leading cryptocurrency exchange, Binance is also intensifying its efforts to break into the UK markets and become registered with the FCA.
In an interview last month, the company's CEO, Changpeng Zhao noted that Binance intends to become fully registered in the UK within the next 6-18 months.
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