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ARTICLE · 12 JUNE 2024

Crypto Firms' Registration

Rahman Ravelli
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Angelika Hellweger of Rahman Ravelli considers the figures for cryptocurrency firms registering with the Financial Conduct Authority.

United KingdomCriminal Law
Angelika Hellweger
Angelika Hellweger
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Angelika Hellweger of Rahman Ravelli considers the figures for cryptocurrency firms registering with the Financial Conduct Authority.

Fewer than one in seven cryptocurrency firms have been successful in registering with the Financial Conduct Authority (FCA).

High risk of money laundering has been cited as the main reason why only 47 companies out of 344 that applied were successfully registered between January 2020 and April this year.

The FCA figures show that of the 344 applications, 233 were withdrawn, 48 were rejected and decisions on 16 were still pending at the time the data was produced.

The latest annual Treasury report on efforts to tackle money laundering and terrorist financing says the FCA's robust assessment of firms "identified significant weaknesses'' in money laundering controls. This led to "a large number of companies withdrawing their applications or being rejected or refused by the FCA''.

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