The UK's Financial Conduct Authority has failed to approve cryptocurrency company registration applications for six consecutive months

The UK's Financial Conduct Authority (FCA) has not approved any cryptocurrency company registration applications for six months in a row, bringing the country's vision of becoming a global hub for crypto-asset technology to a standstill. According to FCA data, only four of the 34 applications received in the past 12 months were approved, the most recent of which was in February this year.
The UK's Financial Conduct Authority said most crypto firms failed to meet its anti-money laundering standards, stressing that firms must be "appropriate and qualified" and have systems in place to identify and prevent the flow of criminal funds. However, industry lobbyists have complained that the FCA's rules are too burdensome and confusing, particularly those targeting consumer marketing. Nonetheless, the FCA is working with businesses to assist them in meeting compliance requirements. Against this backdrop of tighter regulation, a number of companies, including Binance and PayPal, have suspended crypto services in the UK.