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TAP to pause U.K. client onboarding whilst taking steps meet new FCA Financial Promotions Regime

Tap hits pause on new UK customer onboarding until completion of a review to fully comply with the new FCA Regime.

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Tap Global Group Plc (AQSE: TAP), the regulated cryptocurrency app bridging the gap between traditional finance and blockchain technology, announces that is ceasing new UK based customer onboarding until completion of a review to fully comply with the Financial Conduct Authority (FCA) Regime of Financial Promotions, which will be introduced on the 8th October 2023.  

In addition, Tap has been conducting a detailed review of its existing client base to assess whether clients are investment professionals or certified sophisticated investors that it may be permitted to continue to engage with in respect of the continued offer of its cryptoasset services that constitute regulated cryptoasset promotions.

Tap is fully committed to ensuring customers benefit from the assurance that Tap’s services are being delivered within a fully regulated, compliant environment and in accordance with best practice regulatory standards and requirements. Tap is reviewing all marketing, onboarding, customer protection and suitability assessments to ensure there is full adherence with the FCA Financial Promotion Regime.  

In addition, Tap is partnering with an FCA authorised firm to review and approve all relevant marketing material and onboarding processes to further validate a compliance first approach to the services offered to Tap customers.  

Tap will continue to provide further updates and advise UK customers when services are ready to be resumed.        

About Tap Global PLC

Tap’s group of company’s provides a fully regulated cryptocurrency app bridging the gap between traditional finance and blockchain technology. Tap Global Limited is regulated by the Gibraltar Financial Services Commission, as a distributed ledger technology (“DLT”) service provider.  

Through a single app, Tap’s over 200,000 users can access several major cryptocurrency exchanges and, utilising Tap’s proprietary Artificial Intelligence middleware, customers benefit from best-execution and pricing in real time. Through the Tap card, users can also convert their cryptocurrencies to fiat to spend at more than 37 million merchant locations worldwide.  

Tap is one of only a handful of unified solutions operators fully regulated to provide DLT services and was the first cryptocurrency FinTech company approved by Mastercard in Europe.  

Learn more: www.withtap.com  

Any questions regarding this document or application of any law, rule or regulation can be referred to us via email at Compliance@tap.global.

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