ChainCatcher news, the UK Financial Conduct Authority said that more than 87% of the crypto company registrations received in 2023-24 did not meet the approval standards.

The UK Financial Conduct Authority (FCA) said 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 UK subsidiary) and Nomura's cryptocurrency custody joint venture Komainu. The rest of the companies were either denied licenses or rejected for lack of key elements required for evaluation.