Crypto Assets firm Ramp Network has received approval from the United Kingdom Financial Conduct Authority.
Ramp Network have announced the approval from the United Kingdom Financial Conduct Authority (FCA) as a fiat on-ramp.
The move makes Ramp only the eighth crypto assets firm to receive such approval from the FCA. The approval from the UK Financial watchdog was a major hurdle for the company to overcome, with Ramp cofounder, Szymon Sypniewicz, saying “This is something very valuable and we can see more and more regulations coming in, so we feel this is only the beginning.” Sypniewicz called the push for regulatory approval for Ramp as its “number one priority.”
The cofounder and CEO backed the push for regulatory approval, further saying, “There is no escape, so we were better to focus on that and make sure our skills and know-how are best in class. You can only do it by solving problems and not trying to run away from them.”
Ramp is well known for enabling its customers to pay for products and services on websites and dApps, using cryptocurrency.
FCA maintains heavy stance on crypto industry
The FCA approval for Ramp comes following heavy criticism from the regulatory watchdog against other crypto companies. Most recently, the FCA announced that Binance was not permitted to conduct regulatory operations in the U.K. The crackdown on the world’s biggest crypto exchange was one of the reasons Ramp prioritized its plans to become regulated under the FCA.
Sypniewicz stated that the crackdown on Binance was a “warning” to the rest of the industry, with further regulations to come in the future. “I would say the first wave of regulatory action was about AML and the movement of money. The second one was about securities and financial instruments. Right now, I believe we can see the very beginning of regulatory action around consumer protection and I think we’ll see more of that.” Sypniewicz said.
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