TechFlow reports that on September 5, according to CoinDesk, the UK Financial Conduct Authority (FCA) released an annual report showing that in the fiscal year ending March 31, 2024, 87% of cryptocurrency company registration applications failed to meet approval standards. The FCA received 35 applications and only four companies were successfully registered. Approved firms include BNXA, a payment partner of Binance, PayPal's UK subsidiary, and Komainu, a crypto custody joint venture with Nomura Securities. The remaining applications were either rejected or dismissed due to missing key assessment elements.
Since January 2020, the FCA has received 359 applications from crypto firms, with only 44 companies successfully registered to date. Some unapproved firms have reported issues such as long waiting times and lack of feedback during the registration process. This has led certain crypto companies to leave the UK and seek registration in other jurisdictions.
