Quantcast

Crypto applications decline amid FCA regulatory challenges

End of tariffs? Judge blocks Trump's Liberation Day
The TACO trade is gaining popularity; what is it?
B2B stablecoin payments surge to $36 billion annual pace, survey finds
Russian banks debut crypto products for qualified investors
Reserve Bank of India to roll out new use cases for digital rupee
Bitcoin creator becomes richer than Bill Gates
EU revises growth downwards to 0.9% in 2025, weighed down by Donald Trump's customs duties
United Kingdom: Crypto firms will have to report all customer transactions
Ethereum on the brink of an incredible surge? This expert's bold prediction
DOJ is investigating Coinbase data breach— Report
Crypto Agenda: Paris and Nantes host two events
American Bitcoin, BTC Miner Backed by Eric and Donald Trump Jr, to Go Public
China and the United States Reach an Agreement – ​​What if It's Bad News for Bitcoin?
Crypto custodian BitGo secures MiCA license in Germany
Ethereum Explodes to $2,600, Surpassing the Market Valuations of Coca-Cola and Alibaba
SEC Chair Paul Atkins unveils his vision for crypto regulation as the agency charts a friendlier approach to digital assets
Coinbase's SEC Documents Reveal NY Attorney General Wanted ETH Declared Security
Bhutan launches crypto payment system for tourism with Binance Pay
Robinhood plans blockchain platform to allow trading of US securities in Europe: Bloomberg
Bad news for Bitcoin: Strategic BTC reserve plans postponed in Florida
Cryptocurrency References in SEC Files Explode to New All-Time High
Tokenized Treasuries Hit Record $4.2B Market Cap as Crypto Correction Fuels Growth
Maximizing BNB Utility on Binance: A Guide to the Benefits
FTX liquidated $1.5B in 3AC assets 2 weeks before hedge fund’s collapse
Binance recognized by Indonesian cybercrime directorate for collaborative efforts
It's the first institutional investment in the crypto exchange and the investment was made in an unnamed stablecoin, Binance said.
US CPI Inflation Drops to 2.8%: Is Bitcoin About to Explode Again?
Business founder on Binance France allegations: 'What is this madness?'
Indian authorities arrest alleged Garantex founder for US extradition
Trump’s crypto summit ‘not going to have anything on taxes’ — White House official
Crypto applications decline amid FCA regulatory challenges
Webp london2
Big Ben, London | Unsplash (Royalty Free)

The Financial Conduct Authority (FCA) has released new data indicating a significant decrease in cryptoasset registration applications. The agency reported receiving only one application last month, a stark contrast to the 32 applications over the previous 12 months and 365 since January 2020.

According to the FCA, this decline may reflect the challenges faced by crypto businesses in meeting its anti-money laundering (AML) requirements. Since the introduction of these regulations, 38 firms have been successfully registered, while 273 applications have been refused or withdrawn, and 54 remain pending. Some industry leaders have expressed concerns that these practices could discourage legitimate businesses from operating in the UK.

Vlad Tenev, CEO of Robinhood, commented on this regulatory stance in a recent interview with The Times. "The gambling will continue, but suddenly, with crypto and margin trading, we would have a problem with that. That just seems backwards to me," said Tenev.

Get the Newsletter
Sign-up to receive weekly round up of news from Crypto Republique
By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

The decline in applications may impact the UK government's goal of becoming a global hub for cryptocurrency and blockchain innovation. Lisa Cameron, former chair of the all-party parliamentary group on crypto, told Financial News London: "It is vitally important that our regulatory processes support good actors to set up and scale up in the UK."

Regulatory approval in the UK remains challenging for many crypto firms despite investments in compliance. Binance plans to expand its compliance team to 700 staff by the end of 2024 to align with global standards. Similarly, Coinbase has implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to meet regulatory standards. Both companies continue to face challenges under the FCA's requirements.

The FCA's cautious approach has been noted by some as potentially affecting the UK's competitiveness in the evolving digital economy.

Organizations Included in this History
More News

Farid Mahmoodi, a crypto trader and whistleblower, has raised serious allegations against the cryptocurrency exchange Bitget.

May 29, 2025

The Financial Conduct Authority (FCA) has issued a warning regarding Codex Finance, which is allegedly offering financial and crypto-related services without proper authorization.

May 22, 2025

The Financial Conduct Authority (FCA) has issued a warning regarding Dragonfly Capital Fx, which is reportedly offering financial and crypto-related services without proper authorization.

May 22, 2025

The Comisión Nacional del Mercado de Valores (CNMV) has announced that it has informed the European Securities and Markets Authority (ESMA) of its adoption of five MiCA Regulation development guidelines.

May 22, 2025

The German Federal Financial Supervisory Authority (BaFin) has issued a warning to consumers regarding the website turbon.co.

May 21, 2025

The Financial Conduct Authority (FCA) has announced its intention to seek feedback on proposed regulations for cryptoasset trading platforms.

May 17, 2025