UK Financial Conduct Authority: Recent Statements By Bitpanda GmbH (Bitpanda)

Trustology is a cryptoasset business which the FCA registered under the Money Laundering Regulations (MLRs) in October 2021. As a result of the transaction, Bitpanda has become the new beneficial owner of Trustology for the purposes of the MLRs.

The MLRs do not include any provisions that allow the FCA to assess the fitness and propriety of beneficial owners or changes in control before a transaction is completed. This position differs to other regimes that give FCA the powers to supervise, authorise or enforce against firms operating in the UK.

The FCA can take steps to suspend or cancel the registration of a cryptoasset business if it is not satisfied the firm or its beneficial owner is fit and proper.

The FCA also has powers to suspend or cancel a firm’s cryptoasset registration on a number of grounds, including where a firm has not complied with obligations under the Money Laundering Regulations.

Background

1. Trustology is registered by the FCA for the purposes of the MLRs. Neither party to the transaction holds any other authorisation, license or registration in the UK that would allow FCA to act more quickly.
2. Trustology is a custodial wallet platform that was registered by the FCA on 4 October 2021.
3. Bitpanda GmbH is a registered digital assets service provider with the Austrian Financial Market Authority (FMA) and with the French Autorité des marchés financiers (AMF).