Many Crypto-Firms Failing To Meet AML Rules, FCA Says

By Najiyya Budaly (November 25, 2021, 12:00 PM GMT) -- An "unprecedented number" of cryptocurrency companies are withdrawing their applications to be registered by the Financial Conduct Authority as they are not meeting standards under the U.K.'s anti-money laundering regulation, the watchdog has said.

The City regulator said on Wednesday that it has made a decision on 108 of 220 applications for registration by crypyo-asset businesses. The FCA has approved 20 of those 108, according to the financial services register — which means that 88 have failed to meet the criteria to be registered by the regulator to allow consumers to hold and trade cryptocurrencies, such as Bitcoin and Ethereum....

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