UK Regulator Says 87% of Crypto Registration Applications Failed to Meet Standards for Approval

As a seasoned researcher with years of experience in the financial sector, I find the recent statistics from the Financial Conduct Authority (FCA) on crypto registrations quite intriguing. The fact that 87% of applications were either rejected or withdrawn is staggering, to say the least.

In the past fiscal year, it was revealed that approximately 87% of cryptocurrency businesses seeking a license under the U.K.’s length of each application process depends on money laundering dependent on theirrespective of the country’s anti-money laundering regulations, were unsuccessful in their attempts to obtain approval from the U.K.’s financial regulator

Out of the 35 applications received by the Financial Conduct Authority (FCA) within the past year, only four met their criteria as mentioned in their annual report. These approved applicants included Binance‘s payment partner BNXA, a division of PayPal U.K., and Komainu – a joint venture for crypto custody involving Nomura. The remaining applications were either denied a license or dismissed due to insufficient information required for evaluation

According to the FCA, approximately 87% of cryptocurrency applications for registration were either declined, withdrawn, or not granted. We assist companies seeking authorization by clarifying our expectations and providing advice on acceptable and unacceptable practices. This helps these companies understand what is expected – currently, 44 crypto firms have registered for anti-money laundering measures

Since 2020, the Financial Conduct Authority (FCA) has been supervising the cryptocurrency sector and registering businesses under its anti-money laundering regulations. However, it currently lacks the authority to officially approve companies to operate within the country. This authorization may be delayed further as the newly elected Labour government in July has put crypto-related plans on hold

Parapar is a Way of

(Petion’ssatout”(pe. This( ‘sat’t is thatssate: It’