Information on crypto asset firm registrations and investigations - April 2022

FOI Release Date of Release:

Reference Case Number: FOI9117

Freedom of Information: Right to know request:

I'm interested in hearing more about cryptoasset firms registered with the FCA under the Money Laundering Regulations.  I would like to know the following:

  1. The number of cryptoasset firms who registered with the FCA under the Money Laundering Regulations as of 10 January 2021.
  2. The number of cryptoasset firms who registered with the FCA under the Money Laundering Regulations in the 12 months to 10 January 2022.
  3. The number of investigations into cryptoasset firms in the between 11th January 2020 and 10th January 2021.
  4. The number of investigations into cryptoasset firms in the between 11th January 2021 and 10th January 2022.
  5. The number and value of fines into cryptoasset firms in the between 11th January 2020 and 10th January 2021.
  6. The number and value of fines into cryptoasset firms in the between 11th January 2021 and 10th January 2022.

FCA response:

Before we respond to your request, please note that, for questions 1 and 2, we have taken ‘Cryptoasset firms who registered’ to mean ‘Cryptoasset firms that applied for registration’.  Also, for questions 3 and 4, we have taken ‘investigations’ to mean ones in which FCA investigators have been formally appointed under section 168 of the Financial Services and Markets Act 2000 (FSMA).

We have processed your email in line with the provisions of the Freedom of Information Act 2000 (FOIA) and our response is below. 

For question 1, 199 Cryptoasset firms had applied to be registered as of 10 January 2021. 

For question 2, 59 Cryptoasset firms had applied to be registered during the period 11 January 2021 to 10 January 2022.

The list of registered Cryptoasset firms can be found on our website; the date of registration is included in the column ‘MLRs Status Effective Date’.

For questions 3 & 4, we did not open any investigations into any Cryptoasset firms in the periods 11 January 2020 to 10 January 2021 or 11 January 2021 to 10 January 2022.

Finally, for questions 5 & 6, we did not impose any fines on Cryptoasset firms in the periods 11 January 2020 to 10 January 2021 or 11 January 2021 to 10 January 2022.