The U.K.'s Financial Conduct Authority (FCA) has rejected or had withdrawn 87% of crypto registration applications for the fiscal year ending March 31, 2024, according to the FCA 2024 annual report. Out of 35 applications, only four were approved. The primary reason for these rejections was the failure to meet anti-money laundering (AML) and know-your-customer (KYC) standards. The FCA's stringent requirements aim to ensure that crypto firms adhere to robust financial regulations to prevent illicit activities.