Cryptocurrencies like bitcoin are heavily regulated in the UK. The Financial Conduct Authority (FCA) takes oversight of the cryptocurrency’s anti-money laundering and counter-terrorism financing activities. This is why crypto exchanges, operating in the UK, have to be FCA registered.
Otherwise, companies risk facing restrictions and bans from the regulator which recently happened with Binance. On 26th June 2021, the British watchdog FCA issued a warning for Binance Markets Limited and the Binance Group, banning the firm from undertaking any regulated activity in the UK.
At EXMO, compliance and security have been a cornerstone of our operation from the very beginning. In December 2020, EXMO received a temporary registration from the FCA until 22nd July 2021. We fully support the initiative to ensure businesses fully comply with money laundering regulations for crypto assets.
Maria Stankevich, EXMO Chief Business Development Officer, commenting on NTD Business , has added, “I believe the payments systems, the banks that are currently working with Binance, they all saw the FCA statement and I believe they will do it [stop working with Binance] on their own.”
How to buy crypto in the UK
Registered in the UK, EXMO allows its traders to easily buy crypto in GBP, USD, EUR and other fiat currencies. To do this, you need to register on EXMO and get verified in a few steps. Verification is mandatory since we comply with British and EU regulations to secure user assets and prevent money laundering activity.
Be aware that the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) do not apply to crypto asset activities carried out on EXMO.COM .
How to deposit British Pound (GBP) on EXMO
Once the registration and verification process has been completed, visit Wallet, select GBP, and click on the Deposit button.
You can deposit GBP using several options – a transfer from your bank account, Faster Payments, BACS or CHAPS payment systems. You can also use an EXMO gift card to deposit GBP. In this case, the fee will be 0%.
The maximum deposit limit is GBP £100,000. Depending on what option you choose, the minimum deposit can vary from GBP £10 to £100.
Buy crypto with GBP
Once you deposit GBP, you can trade it in pairs with BTC, BCH, DOGE, ETH, LTC, USDT and XRP. Select the pair you want to trade with, enter the amount of GBP that you want to spend and click Buy.
Also, you can buy crypto directly with your bank card.
How to withdraw GBP on EXMO
If you want to withdraw GBP, go to your Wallet section and click on the Withdraw button.
Depending on what option you choose – Faster Payments or CHAPS, the minimum withdrawal amount can vary from GBP £10 to £50. The maximum withdrawal limit is GBP £100,000.
Is it legal to buy crypto in the UK?
While the FCA does not regulate cryptocurrencies, it requires exchanges to be registered to operate, which means companies must comply with anti-money laundering measures.
Where can I buy crypto in the UK?
Select an exchange or exchanger that allows replenishment of your balance in GBP and complies with UK regulation. On EXMO you can buy bitcoin and other cryptocurrencies with GBP, USD, EUR and other fiat currencies.
How to buy crypto with GBP?
To start buying crypto on EXMO you need to:
- Create an account on EXMO .
- Pass identity verification in a few steps.
- Deposit GBP and start trading.
How can I deposit GBP on EXMO?
You can deposit British Pound (GBP) on EXMO by making a transfer from your bank account, via Faster Payments, BACS or CHAPS payment systems.
Further details of EXMO services and fees are detailed on the EXMO website .