Nearly 90% of Crypto Firm Applications Rejected by UK Regulator
Over 87% of crypto registrations were rejected, withdrawn or refused for weak money laundering controls
The UK does not seem to be warming up to crypto. A report released on Thursday by the country's financial watchdog revealed that nearly 90% of applications from crypto firms were rejected over the past year.
The reason? Inadequate protections against fraud.
"Over 87% of crypto registrations were rejected, withdrawn or refused for weak money laundering controls," the Financial Conduct Authority (FCA) said in its latest annual report. The FCA regulates financial services firms and financial markets in the U.K.
The body added that it had introduced new rules so that firms promoting crypto must do so in a way that is "clear, fair, and not misleading."
Of 35 applications received in the past year, the FCA noted, only four were successfully registered. Nearly half, or 15, were withdrawn, and 9 were rejected.
