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The Financial Conduct Authority (FCA) announced the refusal of Zeux Limited's application for cryptoasset exchange provider registration under the Money Laundering Regulations (MLRs). The announcement was made in a press release on March 17, 2025.
According to the FCA, Zeux Limited's application was refused due to significant shortcomings in anti-money laundering (AML) controls. The application, submitted in June 2022, revealed that the firm failed to implement effective risk management measures, resulting in an increased risk of harm to the public. Key failures included inadequate understanding and documentation of risks, failure to address the National Risk Assessment, and issues with customer risk assessments and suspicious activity reporting.
Under the UK's Money Laundering, Terrorist Financing, and Transfer of Funds Regulations, crypto firms must meet strict requirements for AML controls to operate legally. The FCA encourages firms interested in registration to engage early by seeking guidance through pre-application meetings and ensuring complete applications for assessment.
