64 cryptocurrency firms have withdrawn applications to operate in the UK, according to the FCA – regulating Bitcoin News

A growing number of UK crypto firms are withdrawing their applications for registration with the Financial Conduct Authority (FCA). Around 64 companies have already withdrawn their applications and are unable to operate in the UK

  • The list of cryptocurrency companies giving up their attempts to register with the UK’s financial regulator is growing, Reuters reported on Monday.
  • According to current crypto regulation, the Financial Conduct Authority (FCA) is responsible for ensuring that crypto companies comply with laws to prevent money laundering and terrorist financing.
  • Companies wishing to offer crypto-related services in the UK must register with the FCA before doing business.
  • An FCA spokesman said Monday that registration data shows the number of companies that stopped filing has increased 25% in less than a month.
  • Around 64 companies have withdrawn their applications, the spokesman said, up from 51 in early June.

  • Only six companies have successfully registered with the FCA to date, the release said, adding that dozens more companies are being assessed but are not yet rated as “fit and in order”.
  • The FCA issued a consumer notice on Binance Friday banning the exchange from conducting “regulated activities” in the UK

What do you think of crypto companies leaving the UK due to regulation? Let us know in the comment section below.

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