FCA email from Mode - Excellent Protection8 Jul 2021 19:17
Just got this
Mode is registered with the FCA as a crypto asset business!
Us again!
Crypto is getting a lot of attention in the press with regards to regulation, so we wanted to remind you how we safely store your Bitcoin.
The safety of your funds is our core priority, so we have built our business on a foundation of credibility and trust. Mode has recently become the only LSE listed company to hold both an Electronic Money Institution licence (EMI) and an AMLD5 registration from the Financial Conduct Authority (FCA), which is a mandatory requirement for businesses conducting legitimate crypto activities in the UK.
As a publicly listed business, we have set out to build a new financial ecosystem based on a trusted, secure and compliance-first approach in everything we do. Today we are powered by transparency, robust oversight and a portfolio of FCA licences - which sets us apart from our competition.
Mode holds your Bitcoin in custody with market leading crypto custodian, BitGo. The majority of our customers’ Bitcoin is stored in ‘cold storage’ which is not accessible from the internet, and is therefore protected from cyber attacks. Crypto funds held in cold storage with BitGo are also insured up to US$100M, by Lloyds of London.
Additionally, all GBP funds are held with our FCA authorised and EMI licenced partner Modulr, who hold an account in the Bank of England’s Real-Time Gross Settlement (RTGS) system, allowing them to directly settle with participants and remove their reliance on third party providers.
We also leverage the power of Open Banking technology to instantly and securely transfer funds directly from your bank, using your bank’s secure environment. Our app is safeguarded using security best practices, such as Strong Customer Authentication (SCA) including biometric security, making it a trusted way to move and store your money.
At Mode, we believe being publicly listed, licensed and registered as a crypto asset business is a core differentiator. Our portfolio of licences, secure cold storage system and compliance first approach showcase why we’re a trusted and secure provider of crypto asset services in the UK.
Finally, we’ve made our live chat support available 7 days a week, so we’re always on hand to help you out, whenever you may need it. If you have any questions, please don’t hesitate to reach out to our customer support team at support@modeapp.com or get in touch via the in-app chat.
Thanks,
The Mode Team
Sign In
Follow the stocks
