Crypto Firms Are Giving Up UK Regulatory Registration Bids: Report

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.

Read more: UK Financial Markets Regulator Warns About Unregistered Crypto-Asset Firms: Report