U.K.-based crypto custodian Genesis gets approved as a registered cryptoasset business

Genesis Custody of digital asset prime brokerage Genesis receives approval by the Financial Conduct Authority as a registered cryptoasset business, according to a release. U.K.-based Genesis Custody provides segregated multi-asset cold storage for full custody of client assets, and provides access to portfolio management and execution through Genesis Global Trading. The approval shows that Genesis possesses strong controls, governance and a compliance framework to counter financial crime, meeting anti-money laundering standards. "This is an important milestone in our strategy to deliver to institutional clients cryptocurrency services that are compliant with the regulatory framework," said Genesis General Counsel Arianna Pretto-Sakmann. "This approval also reflects our commitment to working with regulators - at the FCA and elsewhere - as this asset class evolves." Meanwhile, Bitcoin (BTC-USD -4.1%) slides below $48K per token. Last week, the U.S. White House said it will crack down on crypto crimes.