According to the latest information produced by Reuters, a wide range of UK companies are withdrawing an application from the FCA. This movement is a result of rising scrutiny in the cryptocurrency industry.
Not so long ago, the Financial Conduct Authority prohibited the most popular crypto platform, Binance, from regulated financial activities in the country.
As a result of this measure, an FCA reporter mentioned that the number of organizations that decided not to register with the regulator has soared by twenty-five per cent.
He also added that Binance company withdrew its application in the middle of this May. The firm had no explanation for this decision.