On Friday, the UK Financial Conduct Authority (FCA) revealed that only 41 crypto firms had passed its regulatory approval scrutiny out of 300 applicants. The 300 companies in the UK had tendered applications as part of an ongoing process towards regulating and standardizing the fledging financial sector.

Director of Markets for the FCA, Sarah Pritchard, described the findings as worrisome, adding that it had referred a significant number of defaulters who “lacked appropriate knowledge, skills and experience to carry out allocated roles and control risks effectively” to law enforcement agencies for possible financial violations. Following the report, MPs described the spate of crypto in the nation as akin to “the wild west.”