Quantcast

Crypto applications decline amid FCA regulatory challenges

Will Europe ban Bitcoin mining?
How to mine without hardware in 2024?
Bitcoin integrates the top 10 of the largest global assets by 2024
Cryptocurrencies: Bitget’s Growth Breaks New Record
Entries on crypto products exceed $1 billion again - Coins.fr
Bitcoin price tops $50,000 after spot ETF launches spur demand
Super Bowl: cryptocurrencies will be absent from advertisements once again – Kraken gives its opinion
Binance Remains the Undisputed Leader in the Crypto Sector
Binance to offer a minimum of $10,000 to anyone who reports corrupt employees
France will “escape the dark scenario” of recession, according to the Banque de France
Cross-chain crypto yield marketplace Superform raises $6.5M
Here’s How Much Bitcoin, XRP Binance Holds for Users in 2024
Binance Complies With Regulators and Delists Monero (XMR)
“Bitcoin Spot ETFs, a huge opportunity for Flowdesk” according to Denis Barrier, co-founder of Cathay Innovation
Bitcoin ETFs launch promotional blitz after Google allows ads
Cryptocurrencies are stabilizing, what to expect for February? Crypto analysis
January saw Bitcoin's highest monthly volume since September 2022
One of Germany's Biggest Banks Could Soon Launch Its Own Crypto Exchange
France: Insurers partner with Doors3 to train in web3
Big tech killed the internet — blockchain can help revive it
Giant Binance launches its platform for registration tokens
Bankrupt crypto exchange FTX abandons idea of ​​restarting
Coinbase hires former UK chancellor as adviser amidst increasing regulatory scrutiny
Binance: after its hefty fine of $4 billion, the exchange is rebounding!
Two months after Changpeng Zhao's departure, Binance on its way to a new hegemony?
Crypto cybercrime in France: what tools to fight?
Crypto: Despite gloomy forecasts, Europe shows high optimism rate
Web3 Distributed AI Training Network PublicAI Raises $2M in Seed Funding Round
CryptoXR: the French web3 event that rocked Auxerre
Meria launches its mobile application to facilitate crypto investment
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

Here’s how Bitcoin, Ethereum, Binance Coin, and other key cryptocurrencies performed on March 14, 2025.

Mar 15, 2025

Slava Demchuk, CEO of AMLBot, said that the implementation of the Markets in Crypto-Assets Regulation (MiCA) will compel 75% of virtual asset service providers (VASPs) in the European Union to halt operations due to compliance challenges.

Mar 14, 2025

Today’s crypto overview: Price action across Bitcoin, Ethereum, Binance Coin, and more on March 13, 2025.

Mar 14, 2025

Bitcoin, Ethereum, Binance Coin & more: Today's crypto overview — March 12, 2025

Mar 13, 2025

OKX has announced that it has secured full Markets in Crypto-Assets (MiCA) approval amid an ongoing European regulatory investigation into its Web3 platform.

Mar 13, 2025

From Bitcoin to Solana: Here’s how major cryptocurrencies moved today – March 11, 2025.

Mar 12, 2025