Uber was first licensed to operate in the city in 2012 and will see its current license expire on September 30.
"Drivers who use Uber are licensed by Transport for London and have been through the same enhanced DBS background checks as black cab drivers".
Uber, specifically Tom Elvidge, general manager of Uber in London, vehemently refuted the regulatory body's allegations.
TfL said the taxi-hailing app had demonstrated "a lack of corporate responsibility in relation to a number of issues which have potential public safety and security implications".
Mayor of London Sadiq Khan said he fully supported the decision.
The letter - signed by Labour, Lib Dem and Conservative MPs - claimed the firm was an "unfit and improper operator" after police accused it of failing to report sex attacks on passengers by drivers. "I think the London cabbies have probably been a little slow in adjusting to the new system", Ross said.
Uber was licensed as a private hire company in London in 2012 and has since grown rapidly - posing a challenge to the capital's traditional black cabs - but it has been caught up in the backlash against the so-called gig economy.
The Mayor of London advised more than 500,000 people protesting the decision to ban taxi service Uber from the capital to turn their anger on the company for its failure to address safety and security issues.
The process could see the dispute roll on for up to a year, during which time Uber will be able to continue to operate in London.
Responding to the petition, Fred Jones, Uber's United Kingdom head of cities, told the BBC: "I think people realise that this decision by the mayor and Transport for London is actually because they have caved to pressure from a small number of individuals and groups that want to protect the status quo and reduce consumer choice and competition from London".
'They have let down their drivers and customers by failing, in the view of TfL, to act as a fit and proper operator.
Khosrowshahi also pleaded London to work with Uber to "make things right".
It has also been forced to quit several countries, including Denmark and Hungary, and faces regulatory battles in multiple U.S. states and around the world.
A survey of 80 global cities in July, found that London's taxis were the sixth most expensive in the world, behind only two Swiss cities, Tokyo, Copenhagen and Helsinki.
Uber will lose its licence to operate in London - but what does this mean for app users and drivers in Liverpool?