The UK Financial Conduct Authority has not approved the registration application of cryptocurrency companies for 6 consecutive months

Odaily News The UK Financial Conduct Authority (FCA) has not approved any cryptocurrency company registration applications for six consecutive months, bringing the country's vision of becoming a global crypto asset technology center to a standstill. FCA data shows that a total of 34 applications were received in the past 12 months, and only 4 were approved, with the most recent approval being in February this year. The UK Financial Conduct Authority said that most crypto companies failed to meet its anti-money laundering standards, emphasizing that companies must be "appropriate and qualified" and have systems in place to identify and prevent the flow of criminal funds. However, industry lobbyists complained that the FCA's rules were too cumbersome and confusing, especially those regarding consumer marketing. Despite this, the FCA is working with companies to assist them in meeting compliance requirements. Against the backdrop of this tightening regulation, several companies, including Binance and PayPal, have suspended crypto services in the UK. (DL News)