The same is just happening to me...
The verification email usually should be here in seconds - this time I waited around 10 minutes - no email. But the last verification email and the newsletters arrived normally. On April 12th the last newsletter arrived on the address I am using.
There is something wrong today, I aborted the process, ended the launcher and started it anew. No email. I think the mail servers at Frontier are a bit overloaded...
Not a good idea to enforce this during play time, where 100s or 1000s of players will need the code to play the game.
The entire process with email should be replaced by a more secure method. Email is not that dependable nowadays...
Edit: Waited 30 minutes, started launcher, logged in, verification email arrived inside 30 seconds! So - if the email does not arrive inside 2 minutes it seems to make no sense to wait. My email account is okay obviously, during the first two tries the email was lost/discarded somewhere. Since I can look at the SPAM filters analysis (in the email headers), it is not qualified as SPAM, not nearly. It is just lost, or was never sent on its way, I think. The solution to this problem seems to just try it again after waiting for half an hour or so.