The UK does not appear to accept cryptocurrencies. A report released on Thursday by the country’s financial watchdog showed that nearly 90% of applications from cryptocurrency companies were rejected in the last year.

The reason? Insufficient protection against fraud.

“More than 87% of cryptocurrency registrations were rejected, withdrawn or refused due to weak anti-money laundering controls,” the Financial Conduct Authority (FCA) said in a statement. annual report latest. The FCA regulates financial services companies and financial markets in the UK.

The agency added that it had introduced new rules so that companies promoting cryptocurrencies do so in a way that is “clear, fair and not misleading”.

Of the 35 applications received last year, only four were successfully registered, according to the FCA. Nearly half, namely 15, were withdrawn, and 9 were rejected.

“We have rejected applications that do not include the main components required to carry out the assessment, or the low quality of the main components means the application is invalid,” explain FCA.

The FCA also said it issued 450 consumer warnings against companies illegally promoting cryptocurrencies in the first three months of the rule taking effect.

“We continue to play a leading role internationally, shaping global standards on cryptocurrencies, sustainability and non-bank finance, and much more,” the FCA added in its report.

In July, FCA sanctioned CB Payments Limited (CBPL)—part of Coinbase, one of the world’s largest cryptocurrency exchanges—was fined £3.5 million ($4.5 million) for allowing “high-risk customers” to buy cryptocurrency.

The regulator claimed that CBPL, which allows customers to purchase digital assets on Coinbase, had been lax in its anti-money laundering (AML) controls, increasing “the risk that criminals could use CBPL to launder criminal proceeds.”