Only 4 out of 35 crypto business registrations were accepted by the UK Financial Conduct Authority citing concerns with money laundering adherence.
Nearly 90% of crypto firms applying to be registered in the United Kingdom in the last 12 months failed to meet the standards of the country’s financial watchdog.
According to the UK Financial Conduct Authority’s (FCA) annual report for 2024, crypto firms had a hard time getting approved due to insufficiencies in their fraud protection and money laundering protocols.
“Over 87% of crypto registrations were withdrawn, rejected or refused for weak money laundering controls,” wrote the report.
