Share this article
Mode Global Approved by UK Regulator for Crypto-Asset Registration
Mode now plans to decommission its "Bitcoin Jar" investment product to focus on building a payment system with a bitcoin cashback offering.
Updated Sep 14, 2021, 1:16 p.m. Published Jun 24, 2021, 12:33 p.m.
Mode Global Holdings has won approval from the U.K.'s Financial Conduct Authority (FCA) to join the regulator's crypto-asset business register.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The financial-services regulator granted anti-money laundering approval to Mode's Fibermode subsidiary and awarded an electronic money license to its Greyfoxx unit, an announcement Thursday said.
- With the registration, Mode plans to decommission its "Bitcoin Jar" investment product to focus on building a payment system with a bitcoin cashback offering.
- Mode shares trade on the London Stock Exchange with a market capitalization of over £44 million ($61 million).
- The FCA became the U.K.'s anti-money laundering and counter-terrorist financing supervisor of crypto asset firms in January, requiring businesses to register under its auspices to continue to operate.
- Mode joins two Gemini entities, Archax, Ziglu and Digivault, the custody arm of Diginex, on the register.
- The deadline for registration was recently extended from July 9 to March 31.
- The regulator warned yesterday that there are 111 unregistered crypto-asset firms in the U.K., which poses a risk to the broader financial system.
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
