Post
Topic
Board Service Announcements
Re: CoinPay.co.uk - UK Bitcoin Exchange
by
CoinPay
on 06/06/2013, 11:19:17 UTC
oblongmeteor,

Yes we have a bank account which is registered in the companies details which was opened with the bank knowing full details of our business plan.
We have been working with our legal team, submitting applications for the required test, registrations and policies in place.

Our legal team has been back and forth with the FCA & HMRC, as you may know if you speak with the FCA they give a very vague output on how things should be regulated so in a sense we will be forcing them to make a decision. (put it this way... if the FCA said we did not need to be regulated then everyone would run an exchange, so that's not going to happen).

We certainly know first hand how much red tape is involved  & the costs in this process & realize that its certainly a tall order in a financial district that does not like change.

We have a couple of options regarding the compliance role, we have been looking for an individual for sometime to fill this role which is easier said than done as most in this role are in a happy place of comfort in there job and very well paid.