Episode Details

The UK’s Financial Conduct Authority (FCA) annual report reveals that a significant majority (almost 90%) of cryptocurrency firm registration applications were rejected or withdrawn in the past year. The primary reason for rejection was the applicants' failure to meet adequate anti-money laundering and fraud prevention standards. Only a small fraction of applications were approved. Furthermore, the FCA implemented a new “financial promotion perimeter” for crypto advertising to protect consumers from misleading promotions. The report also highlights increased consumer awareness of cryptocurrency scams.