FCA: 64 Crypto Firms Have Withdrawn Applications to Operate in UK
Several crypto companies in the U.K. are withdrawing their applications to register with the Financial Conduct Authority (FCA). Around 64 firms, so far, have withdrawn their applications and will not be able to operate in the U.K.
The growing list of cryptocurrency companies are abandoning their attempts to register with the U.K.’s financial regulator, Reuters reported Monday.
The Financial Conduct Authority (FCA) is responsible for ensuring crypto companies’ compliance with laws on the prevention of money laundering and terrorist financing, under the current crypto regulation.
Firms who would like to provide crypto-related services in the U.K. must register with the FCA before conducting any business.
The regultor’s spokesperson commented on Monday that registration data shows the number of companies that have withdrawn their applications jumped by 25% in less than a month, which includes 64 companies.
Only six firms have successfully registered with the FCA so far, the publication conveyed, adding that dozens more companies are being assessed but they are not yet deemed “fit and proper.”
The FCA issued a notice about the largest crypto exchange Binance last Friday, banning the exchange from engaging in “regulated activities” in the U.K.
