Thiel-Backed Crypto Firm Warned By FCA Over U.K. Takeover

The U.K.’s financial watchdog raised concerns about a Peter Thiel-backed cryptocurrency trading platform controlling a U.K.-authorized firm, saying it has powers to strip the business of its registration if it found that the company or its ownership were unsuitable.

Austria’s Bitpanda -- valued at around $4 billion -- announced its purchase of U.K. firm Trustology Ltd. on Tuesday. But the Financial Conduct Authority, which granted the firm a license under its anti-money laundering rules in October, responded it can suspend or cancel the registration if it uncovered concerns about its ownership.

“Both Bitpanda and Trustology are confident that ...