The UK Financial Conduct Authority (FCA) has rejected all cryptocurrency company registration applications for six consecutive months, impacting the UK's status as a global center for crypto asset technology. According to FCA data, out of 34 applications received in the past 12 months, only four were approved, with the most recent approval dating back to February this year. The FCA pointed out that most cryptocurrency companies fail to meet their anti-money laundering standards and emphasized that companies need to be 'fit and proper' and have systems in place to identify and prevent the flow of criminal funds. However, insiders within the industry complain that the FCA's rules are overly complex and confusing, especially regarding consumer marketing. Despite this, the FCA is working with businesses to help them meet compliance requirements. In this context, several companies including Binance and PayPal have suspended offering cryptocurrency services in the UK.