🚀 **Crypto Firms Struggle to Get UK Approval!**

- Nearly 90% of crypto firms applying for registration in the UK flunked the FCA's rigorous standards.

- The FCA's 2024 report revealed that weak fraud protection and money laundering protocols were the main culprits.

- Out of 35 applications, only 4 got the green light. The rest? Rejected, withdrawn, or refused.

- The FCA has tightened crypto ad rules to ensure clarity and fairness.

- With an average wait time of 459 days, many firms are considering greener pastures abroad.

- Reed Smith warns this could hurt London's crypto competitiveness. 🌍

Stay tuned for more updates!