London police complained this year that the app, which is backed by Goldman Sachs and BlackRock, was either not disclosing, or taking too long to report, serious crimes including sexual assaults and that this put the public at risk.
If its ban is upheld, Uber will have to show that it is changing in order to get back into the lucrative London market, said Jan Dawson, chief analysts for Jackdaw Research in California.
"We will appeal the decision on behalf of millions of Londoners, but we do so with the knowledge that we must also change", he said.
Since the decision was announced, a petition calling on TfL to reverse the decision has garnered over 700,000 signatures - although a new statement from Khan firmly stated that the mayor would not be moved on the issue.
"I take note that Uber has an army of communication experts, an army of lawyers - and y have launched aggressive threats to sue us", Khan said on BBC Radio 4.
Uber drivers like James Farrar, the chairman of the Independent Workers' Union of Great Britain's United Private Hire Drivers branch, wondered how they would pay their bills.
"As mayor of London I welcome innovative new companies that help Londoners by providing a better and more affordable service - but providing an innovative service is not an excuse for not following the rules". These drivers are even more anxious that many of them are in debt by buying a new auto to drive for Uber.
As it stands, Uber's licence ends on September 30 but they have said they will definitely be appealing the decision.
It flagged up Uber's approach to how medical certificates were obtained - for example, drivers using an online GP service via video rather than having a check in person as the regulations insist.
"It also sends a worrying message about the unpredictable nature of regulators (and the perception they may be politically motivated) just at the time when London needs to attract further innovation and investment".
Uber could remain on London's streets for more than a year - despite being banned by the capital's transport body last week. According to BuzzFeed, 40,000 people drive for Uber in London and 3.5 million residents use the ride-sharing platform.
The initial background checks were carried out by a third party but TfL deemed them inadequate following a review. Uber. I'm glad to see that he is aware of the problems Uber is facing in London, " explained the mayor of London, Sadiq Khan, in a press release.