Quantcast

Crypto applications decline amid FCA regulatory challenges

Plaintiffs File New, Slimmed Down Complaint in Class Action Lawsuit Against Tether
Forbes releases the best crypto top 10 of the year 2024, +90 at 1300%
SEC Relaxes Crypto Reporting Rules for Banks and Brokerages
Germany Almost Done Selling Bitcoin, Holding Less Than 5K Tokens After Latest Moves
US lawmakers take action in Congress to free Binance executive in Nigeria
Ethereum Jumps 11% in 4 Days: US CPI, Imminent ETF Launch Could Accelerate Rise
Crypto Exchange BitMEX Pleads Guilty to Violating the Bank Secrecy Act From 2015 to 2020
Cyprus Issues Alert to Accounting Professionals to Combat Crypto Terror Financing
French giant Vivendi now authenticates and protects its content via blockchain
Crypto: SEC on the Verge of Approving Ethereum ETFs
Italy to change crypto regulations to comply with MiCA
France’s shock election wins will upend crypto tax cuts, industry fears
Digital Asset Investment Products Gain $441M Amid Mt. Gox, German Sell-Offs: CoinShares
Metis co-founder's ZKM plans to launch Bitcoin Layer 2 GOAT Network
Prediction Markets and Polls Both Got the French Election Wrong
The duel between Gensler and Coinbase continues
Binance CEO: Company co-founder 'took full responsibility for past mistakes'
Binance, Hong Kong’s Organized Crime and Triad Bureau team up for law enforcement sharing session
Dissolution : la France aurait perdu « un trimestre de croissance », selon la Confédération des petites et moyennes entreprises (CPME)
Circle clears MiCA hurdle to become licensed stablecoin issuer in EU
Sony to Restart Japanese Crypto Exchange Whalefin Purchased From Amber Group in 2023
Crypto Exchange Bitget Sees India as ‘High-Priority Market,’ Mulls Expansion
Circle becomes the first stablecoin issuer in the world to comply with MiCA regulations
EU crypto traders urged to convert non-compliant stablecoins to regulated ones as MiCA framework takes effect
Crypto crime involving deepfakes seen surpassing $25bn in losses this year
Bitcoin's Potential Rebound May Face Resistance at $65K, OnChain Analysis Shows
Exclusive: Bybit Rises to Second-Largest Crypto Exchange, UTA Feature Key to Growth said Bybit Head of Communications
Fortune Crypto author: Nigerian government may 'regret its unjustified decision' to detain former U.S. federal agent
Crypto: Coinbase and its layer 2 Base team up with payment giant Stripe
Nostra CEO steps down 11 days after token airdrop with no vesting periods
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

Brad Garlinghouse, CEO of Ripple, said that the company enables global financial institutions to enhance cross-border payments and efficiency through digital technology.

Jul 9, 2025

Changpeng Zhao, founder of Binance, said that a move for Fannie Mae and Freddie Mac to count bitcoin as a mortgage asset signals a shift in the American Dream.

Jul 7, 2025

Binance has announced the launch of PIXEL APR Boost Airdrop Rewards for the 11th project on BNSOL Super Stake, in collaboration with Pixels (PIXEL), a web3 game on the Ronin Network.

Jul 7, 2025

Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), said that public companies increased their bitcoin holdings more rapidly than exchange-traded funds (ETFs) in the second quarter.

Jul 5, 2025

CoinFlip, a global digital currency platform, has announced the launch of a new user interface for its CoinFlip Preferred service.

Jun 30, 2025

Gum Shoe, a crypto influencer, has highlighted the long wait times and high fees at Coinbase compared to better service at Binance as evidence of the need for increased competition among U.S. crypto exchanges.

Jun 23, 2025