Crypto companies are leaving the UK due to slow approval processes

Cryptocurrency companies are withdrawing their applications for registration in the UK, the FCA said.

Crypto companies are leaving the UK due to slow approval processes

According to the latest reports from the UK financial regulator, the country's popularity with crypto companies is declining.

This is evidenced by the current numbers of withdrawn applications for regulatory registration with the FCA, the number of which has increased significantly.

An FCA spokesperson told the FM daily that several crypto exchanges are preparing to leave the country, as they record a total of up to 64 withdrawn applications for registration of these companies. Compared to the beginning of this month, this is an increase of another 13 crypto companies that have decided to withdraw this type of application.

From the experts' point of view, the biggest problem is the approval process itself, which over time has proved to be extremely slow. Of all the applications that have been submitted since the start of this new registration process, the regulator has given permission to only six crypto companies, such as the well-known company Gemini.

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