Over the past 12 months, the UK's Financial Conduct Authority (FCA) has reported that nearly 90% of cryptocurrency firms applying for registration did not meet the country's financial standards.
The authority's annual report for 2024 states that these firms had difficulty gaining approval due to insufficient anti-fraud and anti-money laundering measures.
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The report reveals that more than 87% of cryptocurrency registrations were rejected, withdrawn or denied due to weak anti-money laundering protocols. Of the total 35 applications, only 4 were approved, 15 were withdrawn and 9 were rejected.
In addition, the regulator has stated that it rejected applications that did not include essential components or were of poor quality.