The U.K. Financial Conduct Authority said more than 87 percent of crypto company registrations received in 2023-24 did not meet approval criteria. The UK's Financial Conduct Authority (FCA) said in its annual report that only four out of 35 applications received in the 12 months to March 31 were successful in qualifying. Companies that have successfully registered include Binance's payments partner, BNXA (PayPal's UK subsidiary), and Nomura's cryptocurrency custody joint venture, Komainu. The remaining companies were either denied licences or rejected for lacking the key elements required for the assessment.