The UK's Financial Conduct Authority (FCA) granted crypto licenses to just four out of 35 applicants for the year ending March 31, 2024, rejecting 87% of submissions.
The FCA attributed the high rejection rate to inadequate anti-money laundering (AML) measures in most applications.
Among those approved were BNXA, a Binance affiliate, Koamainu, and PayPal UK. Since January 2020, the FCA has reviewed 340 applications for crypto exchange registration, approving only 47—about 14%—and rejecting 70% due to insufficient AML controls. Additionally, 240 applications were withdrawn.
New regulations might be delayed as the incoming Labor government, which replaced the Rishi Sunak administration, paused crypto policy initiatives in July.
Despite complaints from crypto firms about the stringent requirements and lengthy processing times—averaging 459 days—many companies have opted to operate outside the UK.
The FCA, however, maintains that it has offered clear guidance and now has 44 firms compliant with AML registration.
Kazakhstan is taking a major step toward integrating digital assets into its national financial strategy, with plans to establish a state-managed crypto-reserve.
Bitvavo, Europe’s largest euro-denominated spot crypto exchange, has officially received a MiCA license from the Dutch Authority for the Financial Markets (AFM), allowing the firm to operate across all 27 European Union member states.
In just two months, crypto tax platform CoinLedger observed a staggering 700% surge in the number of U.S. users receiving IRS warning letters, signaling a sharp escalation in federal tax enforcement targeting digital asset holders.
Ripple CEO Brad Garlinghouse announced Friday that the company is officially dropping its cross-appeal in its long-running legal battle with the U.S. Securities and Exchange Commission (SEC), signaling a final move toward ending the years-long case.