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News Explorer — UK Regulator Has Rejected 87% of Crypto Firm Applications

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Sep 5, 7:05 pm
Decrypt

UK Regulator Has Rejected 87% of Crypto Firm Applications

The UK's financial watchdog, the Financial Conduct Authority (FCA), has rejected nearly 90% of applications from crypto firms over the past year due to inadequate fraud protections and weak money laundering controls. Out of 35 applications received, only four were successfully registered, while 15 were withdrawn and nine were rejected. The FCA has also issued 450 consumer alerts against firms illegally promoting cryptocurrency.

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