Moneybrain – the sister firm of peer-to-peer lending platform JustUs – has accomplished its relocation to the island of Jersey.
The crypto-asset buying and selling platform was beforehand registered to commerce beneath the Monetary Conduct Authority’s (FCA) Momentary Registrations Regime (TRR), till the TRR was shut down in late 2022.
Since then, the FCA has been cracking down on all crypto-related companies by introducing a slew of latest guidelines for the sector. Earlier this 12 months, the regulator unveiled a number of latest crypto rules that require corporations to comply with strict advertising and marketing tips reminiscent of banning refer-a-friend bonuses.
Moneybrain has its personal cryptocurrency known as BiPs, which may be traded and loaned on the Moneybrain platform.
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The corporate’s transfer to Jersey shouldn’t be anticipated to influence its current enterprise operations. P2P platform JustUs stays regulated by the FCA.
“We’ve formally landed in Jersey,” mentioned Moneybrain founder Lee Birkett.
“It’s with nice pleasure that I can verify Moneybrain World Ltd is registered with the Jersey Monetary Companies Fee as a Digital Asset Service Supplier.
“Our journey to this monumental milestone commenced in January 2021 with the help of Chris Knight, Victoria Eastwood and their colleagues from the Digital Jersey staff.”
Birkett went on to thank his authorized representatives at Carey Olsen and the staff at Oakbridge for his or her assist in facilitating the transfer.
He additionally praised “the help from current stakeholders and specifically the manager staff for the lengthy hours and dedication to make this thrilling step on our roadmap.”
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