It took UK regulator ‘25 years’ to assess all crypto applications
A Freedom of Information request revealed crypto asset firms registering with the UK's financial regulator have fallen 51% over three years.
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A Freedom of Information request revealed crypto asset firms registering with the UK's financial regulator have fallen 51% over three years.
Read more (2 min) →The UK’s financial watchdog, the FCA, says it's aiming to approve more crypto firms after previously rejecting up to 86% of applicants.
Crypto promotions came under the FCA's remit earlier this month and it has highlighted three red flags that it will be cracking down on.
Research also showed that 70% of high street banks and 56% of challenger banks don't carry out necessary 'know your business' verification.
Under new rules from the FCA, crypto firms will also be required to warn traders that they won't be protected "if something goes wrong."