Crypto firms are dropping their bids to register with the U.K.’s Financial Conduct Authority (FCA) amid mounting regulatory scrutiny of the industry.
- The number of companies abandoning their efforts to register with the financial watchdog has increased by a quarter in less than a month, Reuters reported Monday.
- Fifty-one had dropped their bids in early June, a number that has now increased to 64.
- The news follows a development over the weekened that the FCA banned crypto exchange Binance from undertaking any regulated activities in the U.K.
- Binance withdrew its application in mid-May, an FCA spokesperson said.
- Crypto firms have until March 31 to register with the FCA for the regulator to determine whether they are meeting anti-money laundering and counter-terrorist financing standards.
- Just six companies have successfully completed registration, the most recent of which was Mode Global. That was announced last week.
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