Moneybrain completes relocation to Jersey
Moneybrain – the sister company of peer-to-peer lending platform JustUs – has completed its relocation to the island of Jersey.
The crypto-asset trading platform was previously registered to trade under the Financial Conduct Authority’s (FCA) Temporary Registrations Regime (TRR), until the TRR was shut down in late 2022.
Since then, the FCA has been cracking down on all crypto-related businesses by introducing a slew of new rules for the sector. Earlier this year, the regulator unveiled a host of new crypto regulations that require firms to follow strict marketing guidelines such as banning refer-a-friend bonuses.
Moneybrain has its own cryptocurrency called BiPs, which can be traded and loaned on the Moneybrain platform.
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The company’s move to Jersey is not expected to impact its existing business operations. P2P platform JustUs remains regulated by the FCA.
“We’ve officially landed in Jersey,” said Moneybrain founder Lee Birkett.
“It is with great pleasure that I can confirm Moneybrain Global Ltd is registered with the Jersey Financial Services Commission as a Virtual Asset Service Provider.
“Our journey to this monumental milestone commenced in January 2021 with the assistance of Chris Knight, Victoria Eastwood and their colleagues from the Digital Jersey team.”
Birkett went on to thank his legal representatives at Carey Olsen and the team at Oakbridge for their help in facilitating the move.
He also praised “the support from existing stakeholders and in particular the executive team for the long hours and dedication to make this exciting step on our roadmap.”
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