Yes, because CGTN did not (and presumably has never) complied with OFCOM rules. They're not exactly onerous to follow. In this case it was having independent editorial control.
CGTN ultimately reports to the CCP. It doesn't just happen to follow the CCP's talking points, that's by design.
Even Russia Today is currently able to stay within OFCOM boundaries regarding general licensing matters, even if it has been fined in the past. Russia Today isn't exactly scathing of Putin.
1. The BBC is already largely banned in China, especially the Chinese language website that would be of most use to Chinese citizens. I know that it was at one time possible to watch BBC World in China, but stories critical of the Chinese government regularly got censored by the Chinese censors.
2. Even assuming that BBC World is still visible in China at times, what rules will it suddenly be discovered the BBC was breaking - getting an application form stamped twice instead of the required three times?