- After successfully getting a stay over its monetary fines, an analyst thinks that Ripple may soon receive the FCA’s approval in the UK.
- Ripple is expected to make an Initial Public Offering(IPO) by London in 2025, after acquiring a UK licence. financial watchdog.
Ripple Labs The UK Financial Conduct Authority’s (FCA) has received an application for a license to operate a crypto-asset firm in 2023. The uncertainty surrounding the recently concluded court battle between the US Securities and Exchange Commission and them reportedly held up the application process.
Ashley PROSPER from Ripple’s community said that the reason for the delay was because Ripple did not know the penalty amount they were required to pay. As we previously reported, the court ruled Ripple must pay $125,000,000 to the Commission. reported.
Ripple was granted a stay of the penalties by the court a few weeks before payment. PROSPER has now been able to achieve this. believes In just three months, the company will have all the information it needs to obtain an FCA approval.
🚨 BREAKING NEWS: Ripple targets FCA approval and eyes London IPO by 2025 #XRP 📈https://t.co/m6snYujzTF pic.twitter.com/ifPyZlx8ig
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) September 9, 2024
Another twist is that approval isn’t 100% assured as 87% of applications were rejected by the FCA in fiscal 2023-2024. Rejections are cited as a result of failure to comply with anti-money launder standards.
Out of the 359 registration applications we have received, according to information that is available, only 44 businesses were registered. According to our research, a few of the successful applicants include “Binance’s payment partner BNXA, PayPal’s UK unit, and Komainu.”
Will Ripple make an IPO move after FCA approval?
Ripple’s application has also been reported as a first step in the development of an Initial Public Offering (IPO) After CEO Brad Garlinghouse denied plans to launch an IPO in the US early this year, the company has opened a London office.
I don’t think it’s fun in the United States to have to deal with a hostile regulator, who’s already approved your S-1. Coinbase’s S-1 was approved. Now the SEC has sued them because they did things that were in their S-1.
Garlinghouse stated that going public isn’t part of his company’s immediate plans during his recent visit to the Korea Blockchain Week, held in Seoul. Garlinghouse, according to research we conducted, reiterated his position during a recent Fortune interview.
I always viewed a public offering as a step on the road, and not an end to a trip. We have instead shared new information that was not public. In a series tender offers, we have bought shares from employees and investors. We’re currently in the midst of another tender offering, which will result in us repurchasing $4 billion from shareholders.
CNF analyst believe that a London IPO and an FCA licence approval could lead to an unprecedented price rise.
XRP is currently trading at $0.537, after a recent surge of by 1.48% In the last 24 hour. Investors are facing a weekly return that is negative. 5%.
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