{"id":309882,"date":"2024-09-06T12:19:37","date_gmt":"2024-09-06T12:19:37","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&#038;p=309882"},"modified":"2024-09-06T12:19:37","modified_gmt":"2024-09-06T12:19:37","slug":"uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications","title":{"rendered":"UK Financial Regulator Rejects Nearly 90% of Crypto License Applications"},"content":{"rendered":"<p><strong>The UK&#8217;s FCA reported that nearly 90% of crypto firms applying for registration under the country\u2019s anti-money laundering rules failed to secure approval in the last fiscal year.\u00a0<\/strong><\/p>\n<p>According to the Financial Conduct Authority&#8217;s 2024 annual report, most applications were withdrawn, rejected, or refused due to weak money laundering protocols.<\/p>\n<h2><span id=\"crypto_licensing_failures_and_regulatory_challenges\">Crypto Licensing Failures and Regulatory Challenges<\/span><\/h2>\n<p>In its latest <a href=\"https:\/\/www.fca.org.uk\/publication\/annual-reports\/annual-report-2023-24.pdf\" target=\"_blank\">report<\/a>, the FCA disclosed that only four companies met the required standards out of the 35 applications received.<\/p>\n<p>BNXA (Binance\u2019s payment partner), PayPal UK, and Komainu (a joint venture by Nomura) were among those approved by the regulator. However, 15 applications were withdrawn, likely due to the inability to meet the FCA\u2019s anti-money laundering requirements. Nine applicants were rejected, highlighting the FCA\u2019s regulatory stance.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FCA Rejects Nearly 90% Of Crypto License Applications &#8211; <\/p>\n<p>The U.K. Financial Conduct Authority (FCA) reported that 87% of cryptocurrency companies that applied for licensing under the country\u2019s money laundering rules failed to secure approval in its latest fiscal year.<br \/>Out&#8230;<\/p>\n<p>&mdash; The Industry Spread (@industryspread) <a href=\"https:\/\/twitter.com\/industryspread\/status\/1831764494185329049?ref_src=twsrc%5Etfw\" target=\"_blank\">September 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The regulator also clarified in a feedback statement that applications lacking key components or containing poor-quality information were deemed invalid.<\/p>\n<p>The FCA has been responsible for overseeing and registering crypto firms under its anti-money laundering rules since 2020.<\/p>\n<p>Crypto firms in the UK are required to obtain a license before engaging in any virtual asset services. The FCA&#8217;s licensing regime protects UK investors by ensuring registered firms operate fairly, transparently, and with measures to prevent illegal activities.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Specifically, the FCA classifies digital assets as one of three types of tokens: exchange, utility and security.<br \/>For example, XRP is classified as an exchange token because of its role in facilitating cross border transactions.\u201d<a href=\"https:\/\/t.co\/i83i3CYQA9\" target=\"_blank\">https:\/\/t.co\/i83i3CYQA9<\/a><a href=\"https:\/\/t.co\/O4aR1zApeK\" target=\"_blank\">https:\/\/t.co\/O4aR1zApeK<\/a> <a href=\"https:\/\/t.co\/4Q36ktaJHL\" target=\"_blank\">pic.twitter.com\/4Q36ktaJHL<\/a><\/p>\n<p>&mdash; Mr. Man (@MrManXRP) <a href=\"https:\/\/twitter.com\/MrManXRP\/status\/1607130910284972032?ref_src=twsrc%5Etfw\" target=\"_blank\">December 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Despite its regulatory effort, the watchdog has approved only 44 companies out of the 359 applications it has received since January 2020.<\/p>\n<p>The lengthy application process, averaging 459 days per registration, has drawn criticism from crypto firms, many of which have expressed frustration over the long wait times, lack of feedback, and perceived unfair treatment.<\/p>\n<p>In a recent <a href=\"https:\/\/www.fca.org.uk\/cryptoassets-aml-ctf-regime\/feedback-good-poor-quality-applications\" target=\"_blank\">feedback statement<\/a>, several companies indicated that the drawn-out registration process had led them to consider seeking regulatory approval in other regions while still serving UK-based customers from abroad.<\/p>\n<p>With the Labour government elected in July 2024 pausing further crypto-related legislation, the future of the regulatory landscape in the UK remains uncertain.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK&#8217;s FCA reported that nearly 90% of crypto firms applying for registration under the country\u2019s anti-money laundering rules failed to secure approval in the last fiscal year.\u00a0 According to the Financial Conduct Authority&#8217;s 2024 annual report, most applications were withdrawn, rejected, or refused due to weak money laundering protocols. Crypto Licensing Failures and Regulatory [&hellip;]<\/p>\n","protected":false},"author":286582,"featured_media":309884,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"news-category":[2140],"class_list":["post-309882","news","type-news","status-publish","format-standard","has-post-thumbnail","hentry","news-category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK Financial Regulator Rejects Nearly 90% of Crypto License Applications - Techopedia<\/title>\n<meta name=\"description\" content=\"The UK&#039;s FCA reported that nearly 90% of crypto firms applying for registration under the country\u2019s anti-money laundering rules failed to secure approval in the last fiscal year.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Financial Regulator Rejects Nearly 90% of Crypto License Applications\" \/>\n<meta property=\"og:description\" content=\"The UK&#039;s FCA reported that nearly 90% of crypto firms applying for registration under the country\u2019s anti-money laundering rules failed to secure approval in the last fiscal year.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications\" \/>\n<meta property=\"og:site_name\" content=\"Techopedia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/techopedia\/\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"686\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@techopedia\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/www.techopedia.com\/#\/schema\/person\/641ae5516789428a6499cc7b4102510e\"},\"headline\":\"UK Financial Regulator Rejects Nearly 90% of Crypto License Applications\",\"datePublished\":\"2024-09-06T12:19:37+00:00\",\"dateModified\":\"2024-09-06T12:19:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications\"},\"wordCount\":325,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.techopedia.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications#respond\"]}],\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.techopedia.com\/#organization\"},\"articleSection\":\"\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications\",\"url\":\"https:\/\/www.techopedia.com\/news\/uk-financial-regulator-rejects-nearly-90-of-crypto-license-applications\",\"name\":\"UK Financial Regulator Rejects Nearly 90% of Crypto License Applications - 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