UK financial regulatory agency: Out of 35 cryptocurrency registration applications, only 4 have been approved for compliance

On September 6th, according to CoinDesk, the Financial Conduct Authority (FCA) in the UK released an annual report showing that 87% of cryptocurrency company registration applications failed to meet approval criteria in the fiscal year ending March 31, 2024. FCA received a total of 35 applications, and only 4 companies were successfully registered. The approved companies include Binance payment partner BNXA, PayPal UK subsidiary, and Nomura Securities' joint venture cryptocurrency custodian Komainu. The remaining applications were either rejected or rejected due to a lack of key evaluation elements. Since January 2020, FCA has received 359 applications from cryptocurrency companies, and currently only 44 companies have successfully registered. Some unapproved companies have reported issues such as long waiting times and lack of feedback during the registration process. This has led some cryptocurrency companies to choose to leave the UK and seek registration in other regions.