According to BlockBeats, on September 6, CoinDesk reported that the UK Financial Conduct Authority (FCA) released an annual report showing that in the fiscal year ending March 31, 2024, 87% of cryptocurrency company registration applications failed to meet the approval criteria. The FCA received a total of 35 applications, and only 4 companies were successfully registered. Approved companies include Binance payment partner BNXA, PayPal UK subsidiary, and Nomura Securities joint venture crypto custody company Komainu. The remaining applications were either rejected or dismissed due to the lack of key assessment elements.
Since January 2020, the FCA has received 359 applications from crypto companies, and only 44 companies have been successfully registered. Some unapproved companies said that the registration process had problems such as long waiting time and lack of feedback. This has led some crypto companies to choose to leave the UK and seek registration in other regions.
