Lysis enabled a major US crypto exchange to achieve UK FCA registration through full regulatory transformation, governance design, and compliance support.
Payment Services & Card/ Merchant Acquirers
A large US-based cryptocurrency exchange seeking UK market entry through FCA cryptoasset registration. The client also aimed to secure authorisation for its UK-based card subsidiary as an FCA-regulated Electronic Money Institution (EMI).
While the client had mature regulatory operations aligned with US requirements, its frameworks and controls did not meet the specific standards expected by the UK Financial Conduct Authority (FCA). To successfully secure UK authorisations, the client required a comprehensive regulatory transformation across governance, financial crime, risk and operational domains.
Lysis provided end-to-end regulatory advisory and delivery support, including:
• Conducted a maturity assessment of the client’s US-centric regulatory framework against FCA expectations
• Led the preparation and submission of the full FCA cryptoasset registration and EMI authorisation applications
• Performed an Enterprise Wide Risk Assessment (EWRA) and a comprehensive Client Monies review across both entities
• Established robust UK/EU governance structures, including a European risk committee and supporting documentation
• Designed a skills and capacity model to scale the UK Risk and Compliance functions appropriately
• Provided an interim Deputy MLRO to support early operations
• Developed and embedded a full financial crime framework, including all related policies and procedures
• Deployed a large regulatory operations team to remediate legacy customer-level AML issues
• Delivered ongoing compliance advisory support to ensure sustainability post-registration
• Achieved UK FCA cryptoasset registration and progressed EMI authorisation for the client’s card subsidiary
• Established a compliant and scalable governance and risk framework for UK operations
• Enabled long-term UK market access and enhanced global regulatory credibility
• Strengthened operational readiness to support future regulatory change and business expansion
Our client had implemented a new transaction monitoring system and wished to ensure that the previous two years' transactions had been monitored effectively.
Although the client is based in the US, they have European subsidiaries which include the UK and therefore required Financial Conduct Authority (FCA) registration. In order to obtain registration as a crypto asset firm in the U.K. they had to comply with specific FCA requirements.
A prominent security services firm that forms part of a French multinational investment bank and financial services company asked Lysis to assist with the securities/back-office function within the multinational investment bank.
