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UK FCA adds new recruit to crack down further on crypto

England

TL;DR Breakdown

  • UK FCA recruits team of BTC expert to train its employee on crypto crackdown.
  • Regulators previously crackdown on Binance exchange.
  • FCA budgets $15m for advocacy for young investors against crypto ads.

Crypto regulators in the United Kingdom, the Financial Conduct Authority (UK FCA), reportedly have buckled down to intensify crackdown on illegal crypto activities in the country.

Local report in the country reveal that the UK FCA recently recruited a team of Bitcoin Experts to further train its employees on identifying financial crimes using crypto.

Reportedly, the UK FCA spent a whopping $670,000 (£500,000) to hire the Bitcoin Experts for consultancy, who will facilitate access to a blockchain analytics platform and train the staff to filter out crypto crimes such as money laundering, terrorism financing, and others.

According to a post on its website after the recruitment, UK FCA still says it requires access to specialist services to support the analysis of crypto-asset blockchain data.

The FCA has issued a raft of warnings about crypto assets in recent months because of its links to financial crime and the speculative nature of investments. Before now, the regulators have been on the heels of crypto firms for publicising against crypto ads.

UK FCA crackdown on misleading crypto ADs

Months back, the authority earmarked $15m aimed solely at warning younger investors in the crypto community of the risks in the crypto market.

Nikhil Rathi, FCA chief executive officer, said the regulatory authority of the UK had dire concerns regarding the rapid hike in the number of younger investors indulging in the volatile market of cryptocurrencies.

The CEO said the use of technology to promote investments has shot through the roof, the authorities are now in grave need to implement an adequate set of regulations and precautions to ensure consumer protection.

FCA and Binance

The crackdown on Binance was the highlight of the regulators activity during the year.
The regulators banned Binance Markets Limited – part of the Binance cryptocurrency trading platform – from undertaking any regulatory activity in the UK and have warned consumers to be wary of crypto investments.

The ban led other regulators from other countries to take on Binance as they attacked the number of crypto exchange for operating illegally in their countries. It led Binance to change its modus-operandi as the exchange is now working on becoming a centralized firm registered in all countries it operates with a visible headquarters.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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