According to the financial regulatory body in the United Kingdom, only four out of 35 companies in the crypto industry were granted licenses under the country’s money laundering rules in the last fiscal year.
The Financial Conduct Authority (FCA) stated in its annual report that among the successful applicants were Binance’s payments partner BNXA, a PayPal subsidiary in the UK, and Komainu, a collaborative effort between Nomura and a crypto custody company.
The remaining applications were either denied or rejected due to missing crucial requirements for assessment.
The FCA added that over 87% of crypto registrations were not approved, withdrawn, or refused.
However, they are helping firms understand the expectations and providing guidance on acceptable practices, which has resulted in 44 companies obtaining money laundering registrations.
