Golden Finance reported that the Financial Conduct Authority of the United Kingdom stated that more than 87% of the crypto company registrations received in 2023-24 did not meet the approval standards. The Financial Conduct Authority (FCA) of the United Kingdom stated in its annual report that in the 12 months ending March 31, only 4 of the 35 applications received were successfully qualified. Successfully registered companies include Binance's payment partner BNXA (PayPal's UK subsidiary) and Nomura's cryptocurrency custody joint venture Komainu. The remaining companies were either denied licenses or rejected for lack of key elements required for assessment.