British regulator axes Uber's London license

Uber -- the smartphone-based taxi app -- had its license to operate in London stripped away by British transportation regulators on Friday.

Transport for London (TfL) which regulates transportation in the U.K. capital, said in a statement that Uber was not "fit and proper to hold a license".

TfL said it wanted to ensure the safety of passengers and claimed Uber had demonstrated "a lack of corporate responsibility" on security issues.

Uber is a smartphone application that connects drivers directly to passengers in a particular area. It has proved controversial, with claims drivers' criminal backgrounds were not being properly vetted.

Founded in March 2009 in San Francisco, California, Uber had a yearly revenue of about $6.5 billion in 2016.

The company is set to appeal the TfL decision, and will continue operating in London while the legal case is heard in the U.K. courts.