According to TechFlow, on August 26, DL News reported that the UK Financial Conduct Authority (FCA) has not approved any cryptocurrency company registration applications for six consecutive months, bringing the country's vision of becoming a global crypto asset technology center to a standstill.
FCA data shows that a total of 34 applications were received in the past 12 months, and only 4 were approved, the most recent of which was in February this year. The FCA said that most crypto companies failed to meet its anti-money laundering standards, emphasizing that companies must be "appropriate and qualified" and have systems in place to identify and prevent the flow of criminal funds.
However, industry lobbyists have complained that the FCA's rules are too cumbersome and confusing, especially those for consumer marketing. Despite this, the FCA is working with companies to help them meet compliance requirements. Against this backdrop of tighter regulation, several companies, including Binance and PayPal, have suspended crypto services in the UK.
