• The Solidi crypto platform sent around 400 pages in the FCA request.
• The FCA closed the registration process in July and plans to close the transitional lists in May 2022.
Cryptocurrency crypto exchange Solidi got the FCA support. The crypto platform created for 2015 marked a milestone in Europe for benefiting users with fast transfers and low fees.
Crypto exchange developer Jamie McNaught is excited about this approval. McNaught indicates that the crypto website is one of the first to gain acceptance from the FCA, so users will understand that the platform is legit. However, the young developer acknowledges that the FCA listing is temporary.
FCA’s in the cryptocurrency market
After cryptocurrencies arrived in 2008, authorities in Europe went to great lengths to regulate them by authorizing one parliament after another. By 2017 the authorities developed and approved a plan against money laundering with cryptocurrencies. The FCA was appointed to develop the cryptocurrency regulation project across the UK.
The financial conduct authority asked all crypto platforms, including Solidi, to register with their system to comply with imposed regulations. The deadline for these cryptocurrency exchanges to register was July 9, 2021.
McNaught clarifies that Solidi and other cryptocurrency platforms were included in a transitory list for December. The crypto exchange developer thought that the deadline would end in July, but apparently, it was changed to March 2022. However, with this position that wins the platform on the FCA list, it can trade cryptocurrencies without fear of regulations.
The Solidi founder feels lucky to be registered with the UK FCA and feels that the process is quick. McNaught applied with the FCA by May 2020, filling out around 400 pages. The platform managers suggest that the detail they gave to the authority was impressive.
What to expect from Solidi after FCA approval
Now that the cryptocurrency platform Solidi is approved by the FCA, its operations are expected to increase. The CEO, Jamie McNaught, reveals that they had an initial seed funding of £100,000 last year, which could improve. McNaught’s expectations for 2021 are to raise £1m.
The platform is also thinking of adding other tokens to its trade, such as Dogecoin, which debuted at the beginning of the year. Now, as the crypto exchange is on the FCA list, users can trade crypto-like stocks. However, this FCA approval will not make it easier for Solidi to avoid money laundering with cryptocurrencies.