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UK Regulator Reports 87% Failure Rate in Crypto Registration Applications
Summary: The UK Financial Conduct Authority (FCA) revealed that 87% of crypto companies applying for registration under the country's anti-money laundering rules failed to meet the necessary standards for approval in the fiscal year ending March 31, 2024. Of the 35 applications submitted, only four companies were approved, including notable firms like Binance's payments partner BNXA, a PayPal UK unit, ...
The UK Financial Conduct Authority (FCA) revealed that 87% of crypto companies applying for registration under the country's anti-money laundering rules failed to meet the necessary standards for approval in the fiscal year ending March 31, 2024. Of the 35 applications submitted, only four companies were approved, including notable firms like Binance's payments partner BNXA, a PayPal UK unit, and Komainu, a crypto custody venture.
The FCA has been overseeing crypto firms under these rules since 2020, providing guidance on regulatory expectations and best practices. However, the registration process has faced criticism from some companies for its long wait times and lack of feedback, causing several firms to withdraw their applications or seek approval abroad to serve UK customers.
Since the rules took effect, the FCA has processed 359 applications, but only 44 companies have successfully registered.
Tags: BNXA,FCA,Paypal
Link: UK Regulator Reports 87% Failure Rate in Crypto Registration Applications [Copy]
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