The custody-focused arm of Genesis, a crypto firm offering services to institutional traders, has been added to the UK regulator’s interim register.
Genesis Custody Limited had initially been left off the list of roughly 90 companies, meaning it would have had to cease trading on January 10.
The Financial Conduct Authority unveiled its temporary registration regime on December 16, giving those included an additional six months to continue operating while it decides whether to fully register them.
The original deadline for British firms to get registered was January 10, 2021. The FCA took over as the anti-money laundering and counter terrorist financing financing supervisor for crypto firms on January 10 the previous year.
Genesis, whose suite of services includes OTC trading, institutional lending and prime brokerage, branched out into custody through the acquisition of London-based start-up Vo1t in May 2020. The company then announced the launch of its custody service in September.
When released, the FCA’s interim register was missing several notable names, including the exchanges Coinbase and Binance.
It appears that a handful of companies, in addition to Genesis Custody, have been added to the list in recent days. A person close to the FCA blamed this on a small delay in processing application fees and the fact that certain companies seemed to be non-trading, but were able to provide evidence that they were in fact in business prior to January 10, 2020.
Arianna Pretto-Sakmann, general counsel at Genesis Global Trading, told the Block it was “never in doubt” that Vo1t Ltd, Genesis custody’s predecessor, had met the regulator’s criteria, having been incorporated in 2015 and carried on crypto activities since then.
“Once this was ascertained, the Authorisations Division of the FCA promptly rectified the oversight,” she added.