Many Crypto Companies Do Not Follow AML Rules, FCA Says

By Najiyya Budaly (November 25, 2021, 12:00 GMT) – “Unprecedented Number” of Cryptocurrency Firms Withdraw Financial Conduct Authority Registration Requests Because They Do Not Meet Anti-Money Laundering Standards UK. regulations, the watchdog said.

The city regulator said on Wednesday it had made a decision on 108 out of 220 applications for registration by crypto-active companies. The FCA has approved 20 of those 108, according to the Financial Services Registry – meaning 88 did not meet the criteria for registration by the regulator to allow consumers to hold and trade cryptocurrencies, such as than Bitcoin and Ethereum ….

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