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Crypto applications languish for hundreds of days at the FCA

Regulator’s tough approach to authorisations plays out as some cases wait 450 days for approval

By Justin Cash

and

Bilal Jafar
The City watchdog is making sure that money launderers don’t use digital asset firms to evade rules as it continues to criticise poor-quality paperwork from the industry
The City watchdog is making sure that money launderers don’t use digital asset firms to evade rules as it continues to criticise poor-quality paperwork from the industry Photo: Getty Images

Crypto firms seeking authorisation from the UK regulator are often waiting more than a year to pass its checks, new data exclusively obtained by Financial News shows.

Digital asset firms must get sign-off from the Financial Conduct Authority to show that they comply with money-laundering regulations before operating in the UK.

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