In the UK, 90% of crypto firms failed to meet financial auditing standards in the last 12 months. According to the FCA’s 2024 annual report, firms failed to gain approval due to deficiencies in fraud and money laundering protocols. Out of a total of 35 applications, only four were approved, 15 were withdrawn and nine were rejected. The FCA introduced a new “financial promotion environment” for crypto advertising in June 2023. Law firm Reed Smith recommends firms look abroad due to long waiting times and lack of political will. Share your views in the comments.