The UK's Financial Conduct Authority stated that 87% of cryptocurrency company registration applications did not meet the approval standards

ChainCatcher news, the UK's Financial Conduct Authority (FCA) stated that over 87% of the crypto company registrations received in 2023-24 did not meet the approval standards.

The FCA mentioned in its annual report that out of 35 applications received in the 12 months ending March 31, only 4 successfully qualified. The companies that successfully registered include Binance's payment partner BNXA (a subsidiary of PayPal UK) and Nomura's cryptocurrency custody joint venture Komainu. The remaining companies were either denied a license or rejected due to a lack of key elements required for assessment.