The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of UK cryptoasset businesses since 10 January 2020.
See a summary of the applications for registration that it has received and the outcomes of the applications that have been determined, as at 1 September 2024.
See a summary of the applications for registration that it has received and the outcomes of the applications that have been determined, as at 1 September 2024.
The FCA says that "We have rejected submissions that didn’t include key components necessary for us to carry out an assessment, or the poor quality of key components meant the submission was invalid."
Note: The table does not include information on any appeals following FCA decisions to refuse applications.
In its Annual Report for 2023/24, the FCA stated that "Over 87% of Crypto registrations were withdrawn, rejected or refused for weak money laundering controls." In the same report the FCA stated it the number of firms who had their authorisations cancelled, doubled from 2022/23 to 1,261.
With respect to authorisation efficiency levels, the FCA stated that 98% of authorisation cases were assessed within statutory deadlines in the reporting period, up from 89% in Q1 of 2022/23
Source:
https://www.fca.org.uk/firms/cryptoassets-aml-ctf-regime/feedback-good-poor-applications
https://www.fca.org.uk/publication/annual-reports/annual-report-2023-24.pdf
Note: The table does not include information on any appeals following FCA decisions to refuse applications.
In its Annual Report for 2023/24, the FCA stated that "Over 87% of Crypto registrations were withdrawn, rejected or refused for weak money laundering controls." In the same report the FCA stated it the number of firms who had their authorisations cancelled, doubled from 2022/23 to 1,261.
With respect to authorisation efficiency levels, the FCA stated that 98% of authorisation cases were assessed within statutory deadlines in the reporting period, up from 89% in Q1 of 2022/23
Source:
https://www.fca.org.uk/firms/cryptoassets-aml-ctf-regime/feedback-good-poor-applications
https://www.fca.org.uk/publication/annual-reports/annual-report-2023-24.pdf