The UK Financial Conduct Authority has not registered any cryptocurrency companies in nearly six months, according to Wu. The regulator said the companies failed to meet its anti-money laundering standards.
The FCA received 34 applications in the past 12 months, of which four were successful, including Portofino, crypto bank Banxa UK, payments giant PayPal and custodian Koimanu. Sixteen applications were withdrawn before being approved or rejected.
