Sixty-four crypto firms have so far withdrawn their registration application with the FCA.
One of those facing a regulatory issue is Binance which has been served with a consumer warning by the FCA over its operations in the UK.
It was recently reported that the Financial Conduct Authority (FCA) has been authorized to supervise the growing number of crypto firms in the UK. This was part of the measures to inform the public of firms that comply with proposed government regulations. The government is looking to subject cryptos to critical scrutiny to prevent money laundering and terrorist financing. However, some crypto firms have ditched their attempt to register with the financial watchdog. Even some that submitted their registration application are beginning to withdrawing. According to reports, roughly 64 firms have so far changed their minds and pulled their applications.
In a statement by the FCA spokesperson, only six crypto firms have had a successful authorization with a do
